India Exploring Commercial Uses for CBDC, Says Finance Minister !!!

[Hydrogen]

I would be curious to know how many remember india's withdrawal of 500 and 1,000 rupee bills back in 2016.

India scraps 500 and 1,000 rupee bank notes overnight

9 November 2016

Indian Prime Minister Narendra Modi has announced that the 500 ($7.60) and 1,000 rupee banknotes will be withdrawn from the financial system overnight.

The surprise move, announced on Tuesday evening, is part of a crackdown on corruption and illegal cash holdings.

Banks will be closed on Wednesday and ATM machines will not be working.

India is overwhelmingly a cash economy. New 500 and 2,000 rupee denomination notes will be issued to replace those removed from circulation.

"Black money and corruption are the biggest obstacles in eradicating poverty," Mr Modi said.

People will be able to exchange their old notes for new ones at banks over the next 50 days but they will no longer be legal tender.

The announcement prompted people across the country to rush to ATMs that offer 100 rupee notes in an attempt not to be left without cash over the next few days.

https://www.bbc.com/news/business-37906742

If everyone forgot this happened in 2016, they'll have an easier time pushing a CBDC.

But if everyone remembers it, they could have a more difficult time.

A big part of it could come down to brand name recognition and trust. Do people trust banks in india after the controversial note withdrawal of 2016.

[ven7net]

India Exploring Commercial Uses for Central Bank Digital Currency (CBDC) Says Finance Master!

The Indian government is exploring “several commercial use purposes and not just financial inclusion” for its central bank digital currency. India’s finance minister clarified that the aim is for the digital rupee, which will be backed by the Reserve Bank of India (RBI), to be issued by 2023.

India’s Finance Minister on RBI-Backed Digital Currency
Indian Finance Minister Nirmala Sitharaman talked about the country’s central bank digital currency (CBDC), the digital rupee, this week at a business roundtable on “Investing in India’s Digital Revolution” in San Francisco.

The event was organized by the Federation of Indian Chambers of Commerce & Industry (FICCI), a non-governmental trade association and advocacy group based in India. It was hosted by the U.S.-India Strategic Partnership Forum (USISPF).

More Info: https://news.bitcoin.com/india-exploring-commercial-uses-for-central-bank-digital-currency-says-finance-minister/

What do you think about the comments by India’s finance minister?

As I see the creation, launch and use of CBDC is increasingly being discussed in the media, as well as more and more large countries are declaring this. Of course, this is a very good signal for the entire digital industry, while it is important to note that India plans to launch a digital rupee as early as 2023, which means that very soon we can witness the launch of a new digital financial system. All this opens up many new opportunities for the development of many industries. Personally, I think that the comments from India are a signal that all of the above will definitely be launched and will work. For us, this will be a transition to a new era of opportunities and, God forbid, new successful development throughout the world.

[IIrik11]

I would be curious to know how many remember india's withdrawal of 500 and 1,000 rupee bills back in 2016.

i do, i remember standing in long lines outside banks in winter to withdraw our own money and that too with a limit.

i remember waking up at as early as 4:00 am and running to secure my place in the queue outside bank before it gets too big.

and i do not trust the bank or the government but the thing is common people have no choice.

they make these rules and they shove them down the people's throat and we have no option but to swallow them and accept the consequences that come with them.

but with btc, the government is afraid as they should be, which is why to repel people from it they have introduced the 30% tax and now this but the people who know btc and understand that it is not controlled by banks or government will continue to use it, hodl it.

like before most if not all of the trading has transferred to p2p but it has become hard. maybe, this cbdc will help to trade btc more easily, u never know.

[Bitstar_coin]

When it comes to cbdc government of the world don't seem to have problem in embracing and exploring ways to best implement it into the system. This is more like a familiar ground, the control mechanism is important and cbdc has that unlike btc.
If the Indian government are already exploring for commercial uses means sooner than later cbdc will be widely use in day to day transaction, and even sooner the adoption will be wide spread.

They aren't wasting time to suppress the use of btc, they don't want people to even start the process hence the rush to exploring cbdc commercial usage. Try as they might they can't stop those who fully understand btc from using and investing in it.

[Gyfts]

Also recall this proposition: https://www.cnbc.com/2022/02/03/india-budget-proposed-a-30percent-tax-on-digital-asset-income.html

India wanted to tax crypto at 30 percent. Not exactly a coincidence. The general flow of events is demonize/spread misinformation of crypto first. When that doesn't work, they will force compliance through regulatory governance and high tax rates. End goal is to prop up fiat, and CBDC's will eventually replace fiats as it allows for easier control of the money supply and more reliance of citizens on government.

[jrrsparkles]

What can be the other uses of money apart from being used as money so called finance? They are trying to bring back their old fiat in the form of digital rupee with no actual change and I am not sure they even know how the blockchain system works and how it differs from the decentralized cryptocurrencies. CBDCs are useless and no real purpose if they're going to back it up hy their same fiat money value but spending huge money for all the infrastructure needed.

[IIrik11]

Also recall this proposition: https://www.cnbc.com/2022/02/03/india-budget-proposed-a-30percent-tax-on-digital-asset-income.html

India wanted to tax crypto at 30 percent. Not exactly a coincidence. The general flow of events is demonize/spread misinformation of crypto first. When that doesn't work, they will force compliance through regulatory governance and high tax rates. End goal is to prop up fiat, and CBDC's will eventually replace fiats as it allows for easier control of the money supply and more reliance of citizens on government.

they didn't just propose that, the new tax regime is in effect since 1st april 2022 and therefore any btc you sell after that would require you to calculate your gains and pay the tax accordingly after the end of this financial year.

moreover any expenses one bears during acquiring and selling of btc cannot be deducted from the gains, such as transaction fee, exchange fee, etc.

and also, from 1st july 2022 a 1% tds will be imposed at the source, which according to the government is a measure to keep track of all the bitcoin purchases and later impose tax on them.