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The Indian government is reportedly planning to finalize its stance on the legality of cryptocurrency by the first quarter of next year in order to become Financial Action Task Force (FATF) compliant. “We will finalize our responses by February-March 2023. We have to respond to the FATF by May,” a government official said. India Finalizing Crypto Stance The Indian government is finalizing its stance on the legality of cryptocurrency in order to submit its response to the Financial Action Task Force (FATF) for the country’s “mutual evaluation” by early 2023, Business Today reported Monday. “The Revenue Department has already sent their views and the Department of Economic Affairs has now been tasked to prepare a detailed response on India’s stance on the legality of cryptocurrency,” a government official was quoted as saying. The FATF mutual evaluations are “in-depth country reports analyzing the implementation and effect...

Join Our Telegram channel to stay up to date on breaking news coverage The reserve Bank of India (RBI) has announced its plans to launch a central bank digital currency (CBDC). In a 51-page note released on October 7, the bank looked into the primary motivations behind issuing an Indian CBDC. Reserve Bank of India outlines CBDC plans The document summarizes the key motivations behind issuing a CBDC in India. It highlights safety, trust, liquidity, integrity, and settlement finality as some of the key Features behind a sovereign digital currency. One of the key motivations behind issuing a CBDC in India is to lower the operational costs of managing physical cash within the country. The RBI has also outlined other factors like boosting resilience and efficiency and supporting innovation in the payments system. A CBDC would also streamline cross-border payments and settlements in remote areas that do not have stable electricity connections or access to mobile network . While ...