According to the local sources from India, the Reserve Bank of India is close to making decisions on digital currencies in India. It has been revealed that the Reserve Bank of India is actively working on digital currencies and will soon be making an announcement on the matter.
Furthermore, another sad news has been announced by PayPal for the Indian users. The payments giant has revealed that it is in the process of shutting down its payment services in India and will be exiting the country.
It was just recently when the bill for the banning of cryptocurrencies was proposed by the Reserve Bank of India (RBI) at the parliament. The bill also proposed that it would also be working on designing a framework for digital rupees to be launched in the country.
B.P. Kanungo, who is the Deputy Governor at the Reserve Bank of India also commented on the recent developments. He stated that the Reserve Bank of India (RBI) has also put together a committee for the digital asset matter.
The main responsibility of the committee is to go through the design, model, and framework of the digital currency. Further to their announcement, the central bank of India stated that the Indian public will soon be hearing from them on the matter.
Apart from the Deputy Governor, the Governor of the RBI Shaktikanta Das also talked about digital currency on Friday, February 5, 2021. Das stated that they are sure they have already released the documentation on the digital currency.
He stated that it is not a matter for the RBI to see if the digital currency development is possible for RBI, it is a matter for the RBI to expedite its work and introduce digital currency at the earliest. He clarified that the firm the Reserve Bank of India (RBI) is already working on the project and soon will be sharing an update.
As per the reporters, the Governor of the RBI must be referring to the Booklet on Payment Systems when he talked about the documentation. However, the booklet does not suggest that cryptocurrencies must be banned but admits otherwise.
The Booklet on Payment Systems states that the regulatory authorities recognize cryptocurrencies as a fast-growing industry in the country.
In addition to the above, PayPal, which is a global payments giant has announced that it will be exiting the Indian local payment market. The firm has announced it will be shutting down its services in India on a domestic level.
The firm has announced that started April 1, 2021, it will be focusing its attention on bringing in more international sales for Indian businesses. On the same side, it will cease to provide services to the domestic products in India.