Crypto Industry News:
The Indian Reserve Bank listed the advantages and disadvantages of a digital e-rupee. He also provided more details about his CBDC in a 51-page note released on October 7.
The Central Bank of India is working to increase awareness of CBDCs, which are developed by many central banks around the world, and to clearly define the goals as well as the potential positive and negative aspects of the digital rupee launch.
The bank's document summarizes the key motivations for the issuance of the Indian CBDC project, emphasizing trust, security, liquidity, as well as the finality and integrity of the settlement as key elements of a sovereign digital currency.
The main motivator for issuing CBDC in India is to reduce the operational costs of managing cash in the country. In addition to an increasingly resilient, efficient and innovative payment system, the bank also touts the improved financial integration that CBDC can guarantee. On top of that, the system of cross-border payments and settlements may be improved.
However, the document also contains the bank's view that cryptocurrencies pose a significant risk to Indian consumers due to exchange rate volatility.
"These digital assets undermine India's financial and macroeconomic stability due to their negative impact on the financial sector," it wrote.
The central bank also highlighted its concerns that the continued spread of cryptocurrencies would diminish its ability to regulate monetary policy and the monetary system, which it sees as a threat to financial stability in India.
The digital rupee has been touted as providing the same benefits as cryptocurrencies while "providing consumer protection" by avoiding what has been termed "harmful social and economic consequences."
The note below presents the differences between retail and wholesale CBDCs, the former serving the public sector while the latter serving financial institutions. Authorities suggested that it might be appropriate to bring both forms to the Indian market.
Technical Market Outlook:
The ETH/USD pair made a Shooting Star candlestick at the level of $1,348 and started a pull-back. The nearest intraday technical support is seen at the level of $1,317 and the intraday technical resistance is located at the level of $1,358 and $1,372. The larger time frame target for bears is seen at the level of $1,100, $1,000 and $990, which means the low from 22th September located at $1,220 should be broken as the down trend will continue. Nevertheless, the bears would have to break below the demand zone located between the levels of $1,255 - $1,281.
Weekly Pivot Points:
WR3 - $1,369
WR2 - $1,346
WR1 - $1,333
Weekly Pivot - $1,322
WS1 - $1,309
WS2 - $1,299
WS3 - $1,275
Trading Outlook:
The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. The key technical support for bulls is seen at $1,281 as a part of the demand zone located between the levels of $1,252 - $1,295. If the down move will be extended, then the next target for bears is located at the level of $1,000.
