India releases draft national blockchain strategy, recommends RBI to issue digital rupee

According to Cointelegraph reported on January 28, a draft national strategy on blockchain and distributed ledger technology in India proposed the establishment of a central bank digital currency (CBDC), digital rupee and national blockchain.

currency-166483_960_720

Image source: pixabay

The National Intelligence Governance Institute (NISG), a non-profit public organization formed by the Indian government, recently released a draft document on India's national blockchain strategy. The document was released on December 30, and the strategic draft was reported on January 28 by major local media such as the Economic Times of India.

Digital rupee should be issued on India's national blockchain

In this document, NISG proposed a digital currency central bank digital rupee (CBDR) issued on a state-licensed blockchain. The NISG “strongly recommends” the issuance of CBDRs by the Indian government and the country's central bank, the Reserve Bank of India. The document reads:

"The Indian government is strongly recommended to work with the Reserve Bank of India to launch the Central Bank Digital Rupee (CBDR), which is managed by a publicly licensed blockchain, as an alternative to public blockchains such as Ethereum that use native cryptocurrency operations. The blockchain processes transactions through the Turing Complete Virtual Machine, allowing decentralized applications to run on its platform. "

"Tap-and-click" regulatory approach addresses current lack of clarity

The NISG also outlines the legal challenges currently facing the industry in India related to a lack of regulatory transparency. The agency therefore urges Indian authorities to issue official statements, not just public statements, to develop and promote regulatory transparency in the industry:

"Public statements, whether published through news or formal speech, are useful, but these are not formal application statements from the agency. If an agency intends to implement its laws in new and innovative ways, it must do so with the intention And the way in which existing laws apply is to first inform industry stakeholders. "

In addition, the agency also suggested adopting a "touch-based regulatory approach" in the initial stages of the development of the Indian blockchain industry. The NISG said that India's existing regulations were "too restrictive" and did not take into account the development potential of emerging technologies.

Indian central bank says crypto currency has not been banned

A few days ago, the RBI stated that the country has not banned virtual currencies and detailed the reasons for banning regulated entities from providing crypto asset services in the country. According to reports, the Bank of India banned Indian banks from providing cryptocurrency-related services in the country in 2018.

The central bank issued the statement during a court hearing against the bank by the Indian Supreme Court. Earlier, a coalition of crypto companies and experts sought to repeal the crypto ban issued by the RBI.

Original: https://cointelegraph.com/news/draft-of-indias-national-dlt-strategy-calls-for-state-run-digital-rupee

Author: Helen Partz

Compilation: Libert

Source (translated): Babbitt Information (http://v1.8btc.com/550321)

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Babbitt column | Case study: Exchange "downtime", does the holder lose any compensation?

Source of this article: Xiao Sa Author: Tan Hao Guo Xiao Sa The currency circle trading platform advertises that &quo...

Policy

Testifying in Court: SBF’s Crypto Circus Unveiled 🎪

On October 26, ex-FTX CEO Sam Bankman-Fried faced tough questioning from Assistant U.S. Attorney Danielle Sassoon beh...

Blockchain

Demystify Bybit's new product "black technology", you can open both long and short, insurance contracts!

If you have seen Jobs's Apple conference, Rebus' Xiaomi conference, or Lao Luo's wee phone conference....

Blockchain

The exchange is frequently stolen, and where is the security of digital currency going?

In the food chain of digital currency, the exchange has always stood at the top. But if you want to wear a crown, you...

DeFi

Postponed Fraud Trial of Mango Markets Exploiter: A Delayed Showdown

Fashion executive, Avraham Eisenberg, accused of a $116 million fraud at Mango Market, will face trial on April 8, 20...

Blockchain

Deeply dig the death of Gatehub

On June 1, XRP Forensics discovered that 201,000 Swiss rupiah (transaction F6E9E1385E11649A6C2F88723A821AF209B5403088...