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Is India about to make BITCOIN into its official CURRENCY?? Exciting crypto news shows the real future!!!

 
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User ID: 80650701
Australia
07/26/2021 01:46 AM
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Is India about to make BITCOIN into its official CURRENCY?? Exciting crypto news shows the real future!!!
India may be launching a digital currency, an official from the Reserve Bank of India (RBI) said today.

Speaking at a panel discussion held by the Vidhi Centre for Legal Policy think tank, RBI deputy governor T Rabi Shankar described the potential Central Bank Digital Currencies (CBDCs) have for India, including smoother international transactions and protections from volatility.

Addressing whether CBDCs are needed in India, Shankar said: "It is important that all central banks get on the CBDC arrangements and coordinate effectively within themselves to actually maximize the immense potentials that CBDCs carry."

The deputy governor said the RBI had studied specific-purpose CBDCs for wholesale and retail segments and was considering launching a general-purpose, population-scale currency.

China looks to be the leader of the pack when it comes to digital currency. Last week the Middle Kingdom said its digital yuan trial had reached ¥34.5bn ($5.3bn) in transaction value.

[link to www.theregister.com (secure)]
Anonymous Coward
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United States
07/26/2021 01:51 AM
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Re: Is India about to make BITCOIN into its official CURRENCY?? Exciting crypto news shows the real future!!!
No, but they are about to shit in the streets.
Anonymous Coward
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07/26/2021 01:55 AM
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Re: Is India about to make BITCOIN into its official CURRENCY?? Exciting crypto news shows the real future!!!
Not likely son
Anonymous Coward
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07/26/2021 01:56 AM
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Re: Is India about to make BITCOIN into its official CURRENCY?? Exciting crypto news shows the real future!!!
Of course digital currency is the future.
Anonymous Coward (OP)
User ID: 80650701
Australia
07/26/2021 02:03 AM
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Re: Is India about to make BITCOIN into its official CURRENCY?? Exciting crypto news shows the real future!!!
No, but they are about to shit in the streets.
 Quoting: Anonymous Coward 79733540


h0wrude
Anonymous Coward
User ID: 80658755
India
07/26/2021 02:08 AM
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Re: Is India about to make BITCOIN into its official CURRENCY?? Exciting crypto news shows the real future!!!
this is not crypto. This is for full tracking of your digital rupee with expiry date.
Anonymous Coward (OP)
User ID: 80650701
Australia
07/26/2021 02:10 AM
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Re: Is India about to make BITCOIN into its official CURRENCY?? Exciting crypto news shows the real future!!!
this is not crypto. This is for full tracking of your digital rupee with expiry date.
 Quoting: Anonymous Coward 80658755


bitcoin is full tracking too! look how the fbi goes around arresting people and taking there bitcoins!


so who owns that Reserve Bank of India anyhoo??
Anonymous Coward
User ID: 80658755
India
07/26/2021 02:13 AM
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Re: Is India about to make BITCOIN into its official CURRENCY?? Exciting crypto news shows the real future!!!
this is not crypto. This is for full tracking of your digital rupee with expiry date.
 Quoting: Anonymous Coward 80658755


bitcoin is full tracking too! look how the fbi goes around arresting people and taking there bitcoins!


so who owns that Reserve Bank of India anyhoo??
 Quoting: Anonymous Coward 80650701


Under RBI act 1949 the GOI owns it. It was nationalised after independence.

Unlike other nationalised CBs the GOI can takeover decision making power as it happened

Section 7

According to this section, the central government may from time to time give such directions to the RBI as it may, after consultation with the Governor of the Bank, consider necessary in the public interest. This implies that the government can invoke the Section 7 to get the central bank to take decisions on matters where it would otherwise be reluctant.

BUT IT DOES NOT MATTER AS ALL MONEY IS DEBT. YOU NEED NON DEBT MONEY.
[link to www.businesstoday.in (secure)]


[link to www.thequint.com (secure)]
What Are The Privacy Implications?

Transacting in digital rupees would mean registering a digital presence – whether to download on a mobile phone or any other device to transact via the internet or any point-to-point terminal.

A trace of every transaction will remain in the system and you cannot stand outside the system and transfer digital currencies. Your spending history, likes, preferences, or that gift you purchased your wife could potentially be open for scrutiny by the government, and that too, possibly, in real time.

The anonymity of cash will not be there. While it would be useful as a potential tool to track tax evasion, money laundering, terrorist financing or corruption, it could potentially end up becoming the ultimate surveillance tool in the hand of the government.

The Supreme Court in a landmark judgment declared privacy to be a fundamental right. But also stated that it is not an absolute right. A case could always be made on the grounds of prevention of crime or national security to monitor financial transactions.

The only question that would remain is whether you are a person of interest to the government. In the draft Data Protection Bill – financial data has been considered as sensitive personal data and safeguards have been contemplated.

Provisions have been proposed to anonymise data – an important requirement recognised by the Supreme Court.

Considering our very real craving for privacy, as seen from the continuing saga of WhatsApp’s changes to its privacy policies, and the shift to other messaging services, robust safeguards and firewalls in the infrastructure as well as legal protections have to be provided.
Anonymous Coward
User ID: 75953087
United States
07/26/2021 02:16 AM
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Re: Is India about to make BITCOIN into its official CURRENCY?? Exciting crypto news shows the real future!!!
They are openly saying CBDC's and OP still thinks they are talking about Bitcoin lol.





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