With the Cryptocurrency and Regulation of Official Digital Currency Bill 2021 set to be introduced during parliament’s on-going budget session, India is now ready to introduce its own official digital currency—following in the footsteps of China and Russia. So far, Indian regulations prohibited the public from trading in crypto-currencies. However, the investor community has an interest in them, as an asset that is not subject to government devaluation, unlike regular fiat currency in circulation. This infographic traces the evolution of crypto-currencies since the launch of Bitcoin in 2009.
Digital black markets, which have always lurked in an opaque world, have now become hubs of illegal activity, selling prohibited goods with ingenious anonymity and resilience. India must sharpen its cybersecurity strategy for this new threat
Fintech refers to a service or product which cuts across technology and finance. Covering everything from blockchain/cryptocurrency and Artificial Intelligence to data and the Internet-of-Things, it is becoming integral to India’s development agenda. This table sets out the various constituents of fintech and the regulations governing them