Indian regime continue to express support for a government-backed digital currency to supersede privately-issued cryptocurrencies.

Co-ordinate to Bloomberg, RBI governor Shaktikanta Das has expressed the central bank's determination to create a digital rupee. Co-ordinate to Das, India's central bank is "very much in the game" and wants to emulate Cathay'due south digital currency electronic project, the digital yuan.

The RBI main besides revealed that the digital rupee project is a major focus for the central banking company. While there has been no official release engagement for the proposed CBDC, Das said that the RBI is currently finetuning the technological and procedural protocols of the sovereign digital currency organisation.

As part of the interview, Das maintained the RBI's anti-crypto stance expressing concerns that cryptos are a threat to Republic of india'south fiscal stability.

According to Das, the RBI has reported these concerns to the authorities in authorities and could shape incoming crypto regulations.

As previously reported by Cointelegraph, speculation is rife of an incoming blanket ban on cryptocurrencies with crypto holders given a transition catamenia to liquidate their virtual currency assets.

Promoters of initial public offerings have reportedly begun issuing affidavits stating that they will sell their crypto assets inside 24 hours of a government ban.

Crypto stakeholders in India are once more having to make the case for their industry in the face of government opposition. Back in March 2020, the Supreme Court reversed the RBI's before ban on commercial banks servicing crypto exchanges.

Earlier in February, former Coinbase chief engineering science officeholder Balaji Srinivasan panned the rumored crypto ban. According to Srinivasan, banning cryptos would be akin to prohibiting the "fiscal internet."

Withal, regime government are not the simply anti-crypto elements in Republic of india. Recently, billionaire investor Rakesh Jhunjhunwala, dubbed the "Indian Warren Buffett" called for a cryptocurrency ban adding that the RBI should prioritize the creation of a digital rupee.