The central banks signed a memorandum of understanding on 15 March 2023 to explore interoperability between the CBDCs of both countries and to "jointly conduct proof-of-concept  and pilot(s) of bilateral CBDC bridge to facilitate cross-border CBDC transactions of remittances and trade." 

He said any approach to regulate the FinTech sector will "invariably be informed by five fundamental objectives: (i) financial stability, (ii) consumer protection, (iii) integrity of financial system, (iv) competition and (v) orderly development of sector concerned."

The notice says:

"In exercise of the powers conferred by sub-clause (vi) of clause (sa) of sub-section (1) of section 2 of the Prevention of Money-laundering Act, 2002 (15 of 2003) (hereinafter referred to the as the Act), the Central Government hereby notifies that the following activities when carried out for or on behalf of another natural or legal person in the course of business as an activity for the purposes of said sub sub-clause, namely:-

(i) exchange between virtual digital assets and fiat currencies;

(ii) exchange between one or more forms of virtual digital assets;

(iii) transfer of virtual digital assets;

(iv) safekeeping or administration of virtual digital assets or instruments enabling control over virtual digital assets; and

(v) participation in and provision of financial services related to an issuer’s offer and sale of a virtual digital asset.

Explanation:- For the purposes of this notification “virtual digital asset” shall have the same meaning assigned to it in clause (47A) of section 2 of the Income-tax Act, 1961 (43 of 1961)."

Das made his remarks during a conversation with Business Today at the Banking and Economy Summit on 13 January 2023.