Indian official: RBI cautious in developing digital rupee

The Reserve Bank of India is taking a very cautious approach in developing a digital rupee, although it is making some progress, a senior official familiar with the central bank's digital currency (CBDC) pilot program said. The official said the Reserve Bank of India (RBI) is currently working on technological solutions to address the privacy concerns posed by the digital rupee. While the central bank maintains a cautious stance on cryptocurrencies, it does not plan to object if the government decides to reduce a controversial crypto tax. It is important to note that the RBI does not have the authority to frame tax legislation and therefore this decision does not fall within its purview. However, the central bank has gone beyond its role before and attempted to ban cryptocurrencies, so its apparent willingness to back down on the topic may be worth watching. (CoinDesk)