Crypto Breaking News: RBI to Launch Trial for Retail CBDC, Binance Says India “Not Crypto Friendly”

The Reserve Bank of India (RBI) plans to launch a trial of retail central bank digital currency (CBDC) in collaboration with the National Payments Corporation of India (NPCI ), a media report said.

Bankers familiar with the development told Economic Times (ET) that NPCI will host CBDC, which will be compatible with current payment systems, such as the UPI platform. According to ET, RBI wants each bank to test the retail CBDC involving 10,000 to 50,000 consumers for the pilot initiative.

The CBDC The technology is similar to the common library for UPI, and “it will be interoperable with current payment platforms,” ​​a source told ET.

A wallet will store the e-rupee with denominations according to customer demand, “just like you ask for money from an ATM,” he said, adding that the facility would initially only be available in certain cities.

However, it was not immediately clear when the trial would begin.

Binance CEO Says India Doesn’t Have a Crypto-Enabled Environment

At a TechCrunch Crypto conference on Thursday, the cryptocurrency exchange Binance CEO Changpeng Zhao said, “I don’t think India is very crypto-friendly.”

“A user can trade 50 times a day and they will lose around 70% of their money. There will be no volume for an order book type trade. So we don’t see a viable business in India today. today.

“We’re in conversation with a number of industry associations and influencers and trying to put some logic into it,” he said.

ReelStar raises over $5 million from ReelToken ITO

App ReelStar, a web3-integrated social media platform, said it has raised over $5 million through an initial token offering (ITO) of its utility token ReelToken (REELT). ReelToken operates on a multi-blockchain platform. It uses Polygon (MATIC) and Binance Smart Chain (BSC) in several blockchain networks.

According to the company, the app offers bespoke in-app NFT creation functionality, smart contract customization, and an NFT marketplace in an easy-to-use Android or iOS environment.

Additionally, the app provides creators with in-app tools and global consumer access without requiring a large budget or technical knowledge.


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