Budget Reactions

Vivekdeep Gupta, Country Head, India at R3

“Overall, the budget is forward looking, transformative, and provides the booster shot required by the economy to emerge out of the Covid slump.

The continued focus on digital payments is encouraging and I believe that clearly shows how the government, regulators and the industry in India are working in sync. With the new NUE licenses being issued this year, we expect the government’s support to drive further adoption of payment systems in the country. The announcement of setting up a fintech hub in GIFT city can have significant multiplier effects for the economy. The special status accorded to the GIFT city, coupled with its innovative regulatory framework under IFSA has the potential to create a new financial hub akin to Hong Kong or Singapore, with growth being driven by new tech enabled innovations and asset classes like digital assets.

Being a part of the blockchain industry, I am looking forward to the introduction of ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’ in the upcoming parliamentary session. I strongly believe that this will drive growth and adoption of blockchain across enterprises in the regulated economy while providing a framework for the introduction of an official Central Bank Digital Currency.”

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