BTC doesn't suit Indian Central Bank, but Fiat does

Indian Central Bank looks at Fiat cryptocurrency as a replacement for Rupee
13 September 2017   1524

India's Central Bank, The Reserve Bank of India (RBI), argued that blockchain tech could provide the necessary basis for the digitization of the rupee in January. 

Now, according to indiatimes.com, RBI executive director Sudarshan Sen has indicated that this work is still in progress. However, the man highlighted that India is not interested in Bitcoin.

As regards non-fiat cryptocurrencies, I think we are not comfortable. Bitcoins for example. That's a private cryptocurrency. 
 

Sudarshan Sen
RBI executive director

Thus, the fiat cryptocurrency is to be issued by the Reserve Bank of India in place of the physical one.

Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely.
 

Sudarshan Sen
RBI executive director

It is also worth mentioning that the RBI has been repeatedly raising concerns on virtual currencies like Bitcoin, claiming that they pose potential financial, legal, customer protection and security-related risks. 

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   295

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.