WazirX wants to integrate India’s digital rupee

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