Cryptocurrency exchange WazirX will look to integrate India’s central bank digital currency (CBDC) “if all goes well,” vice president Rajagopal Menon told Forkast in a video interview on Monday.
See related article: RBI to begin CBDC pilots, outlines wholesale, retail concepts
Fast facts
- “We would love to onboard the e-rupee and you can buy your favorite Bitcoin on an e-rupee-BTC pairing, or your favorite ETH through e-rupee pairing,” Menon said.
- The central bank on Friday said it will soon begin to pilot the digital rupee for specific use cases, and recognized the benefits of introducing a wholesale and a retail CBDC in a concept note.
- Indian exchanges have been facing banking access issues since the Reserve Bank of India warned local banks to “tread very carefully” in dealing with crypto exchanges, Menon said.
- The RBI had banned banking services for crypto companies in a 2018 circular that was struck down by the Supreme Court in 2020.
- However, the RBI still pressures banks to limit services to the local cryptocurrency industry.
- Cryptocurrency exchanges in India have seen their trading volumes slashed due to the prolonged bear market and the latest crypto tax implemented in July.
See related article: India crypto exchanges plan long-term future as day traders flee