India set to test their CBDC the ‘E-Rupee’
India is looking to soon start testing its ‘E-Rupee’. The initial test is set to be a limited run.
Is India changing its position on crypto?
Is this a sign that India is changing its position on crypto? I would argue it is not. As far as I can tell their official stance on it is it is ok, this after the overturn in their courts a while back. This lifted their crypto ban. While this makes India ok with crypto, at least on paper. The reality is very much a different one.
And that is something crypto companies either have to learn to navigate around. Or simply stay out of India, sadly. I have previously reported on Coinbase having to temporarily shut down its operations in India. But they not only did that. They also uprooted and left the country. This according to them because of the local government where unofficially throwing clogs into the machines. Harking back to the days of the industrial revolution. Only now the shoe is on the other foot.
‘E-Rupee’ and a CBDC
But it does look like India, along with many other countries does embrace the CBDC route. And India is in that very strange position as it can be described both as a developing country and as an industrialized country. And It also has a massive population.
India is joining the growing list of countries that are looking into CBDC. Picture Source http://cryptohexa.com/
India also has had its fair share of human rights issues. And that makes me at least believe the government is leaning over toward the oppressive or totalitarian side of things. Even if India is pretty far away from both China and Russia.
But then again there are so many countries choosing to go down and at least investigate the CBDC route that it might just be business as usual, pretty soon at least. And that is a route I am not particularly pleased with.
Personally, I would rather see crypto being adopted. But I can see the lack of control is a huge negative for many countries, good and bad.
What is your thought on these CBDC projects, if you could ask someone involved with a CBDC what would you like to ask them? Please sound off in the comment section. If you would like to support me and the content I make, please consider following me, reading my other posts, or why not do both instead.
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