India: RBI clamps down on illegal digital lending before CBDC pilot next year
ambcrypto.comAs the regulatory landscape in India is expected to slowly gain clarity on the crypto front, officials appeared bullish on an Indian CBDC next year. As per local reports, a senior central bank officer confirmed,
“I think somewhere it was said that at least by the first quarter of next year a pilot could be launched. So we are bullish on that.”
While there are no hard timelines in place, P. Vasudevan, chief general manager at RBI’s Department of Payment & Settlement said that it is likely in the first quarter of FY23. With that, the Indian central bank has also proposed stricter guidelines for digital lenders, reported Reuters. The report has clearly specified that ‘all data must be stored in servers in India’ by these digital platforms.
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