Shaktikanta Das, on his last day as the governor of the Reserve Bank of India (RBI), shared his vision to transform India’s economy with a home-grown central bank digital currency (CBDC), the digital rupee.
Here are the updates from the crypto world
Shaktikanta Das, on his last day as the governor of the Reserve Bank of India (RBI), shared his vision to transform India’s economy with a home-grown central bank digital currency (CBDC), the digital rupee.
In his farewell speech on December 10, Das emphasized his six-year endeavor to leverage new technologies, such as establishing the RBI Innovation Hub in Bengaluru and a regulatory sandbox for fintech innovation.
Discussing India's advancements in CBDC development, Das pointed out that numerous central banks globally are still in the early stages of discussion and experimentation.
However, he stated, 'RBI is a pioneer among central banks,' as it is one of the few to initiate a pilot CBDC project.
Although it's uncertain why the measure is being implemented in December, over a month after the 2024 United States presidential election, Aguilar's office states that transitioning to blockchain will ensure future election integrity. Aguilar's announcement emphasized the state's commitment to conducting the most secure elections in the country, highlighting the crucial role of blockchain technology: ''Blockchain provides significant protection by making it much harder to alter or forge these essential documents, ensuring our certification process is transparent and reliable. We are proud to lead the nation in using emerging technology to safeguard our elections' integrity.''
Currently, details about the implementation are limited. It is unclear whether the state has developed its own blockchain or is utilizing existing commercial or open-source blockchain technology.
Cointelegraph reached out to the secretary's office for more information but has not yet received a response. Presumably, the electoral certification process will be documented in an immutable ledger on a blockchain, which will then serve as the state's official election record.
Circle and Binance have formed a strategic alliance to bolster the financial services ecosystem and advance global digital assets. The partnership was announced during Abu Dhabi Finance Week.
Binance will make Circle’s USD Coin USDC$0.9996 more widely available on the exchange.
“Users will have even more opportunities to use USDC on our platform, including more USDC trading pairs, special promotions on USDC across trading, and other products on Binance,” a Binance spokesperson told Cointelegraph. The person continued:
“Binance believes stablecoins have important use cases in the broader financial ecosystem — from using a USD-pegged stablecoin to hedge inflation in developing countries, to a lower-cost and efficient remittance tool, to a way to buy and sell other cryptocurrencies.”
Binance will adopt USDC into its corporate treasury, according to a statement provided to Cointelegraph.