📣 India Sets Its Sights on Competing with the Crypto Industry
posted 13 Mar 2024
Madhabi Puri Buch, the Chairperson of the Securities and Exchange Board of India (SEBI), has underscored the urgency of adopting instant settlement processes for the nation's regulated markets to keep pace with the fast-evolving cryptocurrency sector.
From March 28 onwards, India is set to require that settlements be completed on the same day they are initiated, a pioneering move that will make India the second country, after China, to facilitate such swift financial transactions. The ambition is to introduce instant settlements starting in March 2025, but the market regulator's board has yet to approve the plan.
The reality is that if our well-regulated market fails to keep up with the crypto world in offering tokenization and instant settlements in the midterm — without even considering the long term — we should brace ourselves for investors looking elsewhere,declared the SEBI Chairperson.
Notably, the Reserve Bank of India maintains a critical stance towards cryptocurrencies, yet it supports the concept of Central Bank Digital Currencies (CBDCs). Our latest article reveals that India is at the forefront of digital asset adoption, securing the second spot globally in cryptocurrency transaction volumes.
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