Plans for the release of the state cryptocurrency of India are postponed, several months after the country's central bank reported on their consideration, as reported by the CCN news agency.
According to the local edition of The Hindu Business Line, the government of India is no longer interested in creating a state-owned digital rupee. Referring to the financial report of the government, the publication reported that the idea of creating a crypto-rupee was discarded based on its "prematurity".
"The government of India will no longer think about digital currency (...) it is too early to think about digital currency"
Digital Rupee in India
The decision to postpone plans to create a national cryptocurrency was supported by some of the leading crypto-experts in India. Including Kunal Nadwani, blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details expert and CEO of uTrade Solutions. Nadwani commented on the decision, tweeting: "(...) the economic consequences of creating cryptocurrencies are significant and mostly unknown (...) In India, it is too early to think about a cryptocurrency analogue of the rupee".
Praveen Kumar, the founder of the Belfrics crypto-exchange, agreed with the decision to postpone the creation of a national cryptocurrency.
"(...) The government of India should allow other countries, such as Singapore and the United Arab Emirates, to experiment. For RBI (Reserve Bank of India) it is still too early to launch a cryptocurrency, since it is necessary to have a better understanding of the crypto-economy (...) This is the right decision to postpone the process and see how the public peer-to-peer economy in other countries is formed." – Praveen Kumar.
Recall that this statement was followed almost five months after the Reserve Bank of India (RBI) began to consider launching a national digital currency.
The government of India has postponed plans to develop a digital rupee, while it has not yet made a final "verdict" regarding the "personal" use of cryptocurrency in the country.
Recall that a few months ago, the Indian legislature introduced several bills that prohibit the use of cryptocurrency assets. This decision has been challenged, and today a new regulatory framework is being developed for working with crypto-assets in the country.
Editor: Pereyidenko Ihor