The Reserve Bank of India (RBI) (CBDC) will soon unveil a central bank digital currency. Nine locally active institutions, including the largest bank in India, the State Bank of India, will participate in the pilot. Other banks joining in the pilot include Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC, according to a Reuters report. On November 1st, the Indian Central Bank will launch the digital rupee pilot program for the wholesale market. The primary use case for India’s CBDC pilot will be to settle transactions in government securities on the secondary market. According to the new report, the RBI intends to introduce the digital rupee for the retail sector in a few areas within a month. India launched a CBDC rather quickly.
Last year, the nation in Central America became the first country in the world to accept cryptocurrencies as legal tender. Anti-Corruption Legal Advisory Center (ALAC) criticized BANDESAL for the action. In reality, the only way anyone knows about El Salvador’s purchases is through the president’s tweets (he tweets whenever he makes a crypto purchase). According to information from the website Nayib Tracker, he has spent $107 million on bitcoin. Additionally, President Bukele purchased several Bitcoins using his phone.
Hester Peirce, the commissioner of the Securities and Exchange Commission (SEC), believes her organization is approaching cryptocurrency in a way that is different from how it usually supervises other industries: aggressively. Industry leaders have long charged the SEC with approaching cryptocurrency regulation in a particularly unfair and inappropriate manner. Gary Gensler, the current head, has frequently emphasized that he treats the cryptocurrency market the same as every other market that falls under his supervision. According to Peirce, the SEC’s approach to cryptocurrency was driven by this dismissive mindset and focused only on individual enforcement actions. According to her, people won’t want to enter the building if they only witness people entering and then leaving with nothing or no enforcement action. And cryptocurrency used to look to the SEC, saying, “Well, we think we can work with the SEC to build something that makes sense.” ” But now, more and more, I’m hearing people say, “Well, I’m just going to go to the CFTC (Commodities Futures Trading Commission) and hope that they come up with a regulatory regime we like,” she continued. That people have given up on us is unfortunate, Peirce remarked.
That’s it for today, see you tomorrow