Rezwan Razack’s Centre of
Numismatic Studies and Research

Years of Education Expertise

Head's Message

Currency has always been a dynamic research matter for the researchers. But the general recession of 2008 became the catalyst of the present currency scenario which called upon the experts of the law, technology, economic and social /political scientists to act together. After the 2008 general recession, Bitcoin was launched as the first Cryptocurrency of the world which was private and decentralized. Now, there are thousands of imitations of Bitcoin running in the market. Recently, Bitcoin and other Cryptos have been classed as digital assets in India. Cryptos and other digital assets are going to have a massive impact on the economy and geo-politics. Private digital assets may develop an independent regime where goods and services on the portals are quoted in terms of the digital currency and do away with the need to exchange digital assets for local currencies. According to a BIS (Bank of International Settlement) research paper, there are more than 90 countries in the world preparing to launch their own digital currencies (i.e., Central Bank Digital Currencies). China has already launched its own CBDC and it has already made trillions of Dollars transactions. Russia has validated Bitcoin as its official currency. India is also launching its own CBDC, possibly based on block chain technology. Iran is developing its own version of SWIFT to outsmart the USD rule over international trade. It has been observed that during the pandemic, digital payment played a dominant role in the society which resulted in changing the lifestyle of common people. In the backdrop of the above, the GD Goenka University has established a currency research Centre which is known as (Dr.) Rezwan Razack’s Centre of Numismatic Studies and Research. The Centre is a common opportunity for the academicians and scholars to explore research and innovation in the area of currency research. It will also provide a platform for the researchers in the field of currency, digital assets, money & banking and other interrelated disciplines.

The Centre is going to conduct short term certificate courses & Diploma courses in the area of currency, digital assets, money & banking etc.

The Centre invites applications for pursuing PhD in the relevant field of currency, digital assets, money & banking etc.

The Centre is ready to undertake various consultancy projects in the area of currency, digital assets, money & banking etc.

 

Years of Education Expertise
Dr. Ajit Kaushal
Professor & Head, Rezwan Razack’s Centre of Numismatic Studies and Research

Recent Development in the Area of Digital Currency

Jamaica (Jan. 3, 2021) The Bank of Jamaica (central bank of Jamaica) has announced the completion of its CBDC pilot testing, with mostly successful results. The digital currency is expected to be nationally rolled out in the first quarter of 2022. The government of Jamaica decided to launch the CBDC after a testing of eight months which was started in May, 2021.
Thailand (Dec. 25, 2021) Bank of Thailand postpones the launch of its CBDC to late 2022. The bank has not cited any reason for the delay.
Kazakhstan Kazakhstan recently finished the piolet on CBDC has plans to launch the CBDC at the end of 2022.
France, Switzerland, 14 Dec. 2021 France and Switzerland completed a test for the use of a wholesale CBDC for the cross-border transfers. It was popularly called as project Jura which was launched in June, 2021, along with the participation of the BIS (Bank of International Settlement) . The project was launched to check the effectiveness of ledger technology which facilitates the settlement. The banks explored the direct transfer of euro and Swiss franc wholesale CBDCs between Swiss and French commercial banks on a single distributed ledger technology platform operated by a third party, the BIS revealed in its press release.
Brazil, 23 Nov. 2021 The Central Bank of Brazil has a plan to launch the pilot for CBDC in 2022 and the final version of CBDC in 2024. On Dec. 8, 2021, the Brazil’s Chamber of Deputies (the lower house of the National Congress) approved Bill of Law 2303/15 (Projeto de Lei 2303/15) to regulate the virtual assets in Brazil. The bill defines the virtual assets “the digital representation of values that can be negotiated or transferred through electronic means.” (Projeto de Lei 2303/15, art. 3.). The bill excludes the digital representations of money or currency which are already regulated by law. The bill extensively provides for the regulation, supervision and punishment in case of breach.
India RBI (Reserve Bank of India) has a plan to launch the CBDC and to test it comprehensively to minimize its impact on the monetary policy and maximize the benefits like liquidity, scalability, acceptance, ease of transactions with anonymity and faster settlement and enhance the efficiency of the cross-border payments.
Russia Moves to recognize Cryptos.

1 Kevin Helms, India's Central Bank RBI Discusses Digital Currency and CBDC Launch With Minimal Impact on Monetary Policy, Dec 29, 2021, available at https://news.Bitcoin.com/indias-central-bank-rbi-discusses-digital-currency-cbdc-launch-minimal-impact-on-monetary-policy/ (accessed on 7 Jan. 2022).

2 Steve Kaaru, France, Switzerland conclude major wholesale CBDC test with BIS, available at https://coingeek.com/france-switzerland-conclude-major-wholesale-cbdc-test-with-bis/ (accessed on 8 Jan. 2022).

3 Brazil: Chamber of Deputies Approves Bill Regulating Virtual Asset Service Providers, available at loc.gov/item/global-legal-monitor/2021-12-16/brazil-chamber-of-deputies-approves-bill-regulating-virtual-asset-service-providers/ (accessed on 9 Jan. 2021).

4 Kevin Helms, India's Central Bank RBI Discusses Digital Currency and CBDC Launch With Minimal Impact on Monetary Policy, Dec. 30, 2021, available at, https://news.Bitcoin.com/indias-central-bank-rbi-discusses-digital-currency-cbdc-launch-minimal-impact-on-monetary-policy/ (accessed on 1 Jan 2022).

Special Convocation of Dr. Rezwan Razack (Co -founder & Managing Director, Prestige Group)

Years of Education Expertise
Years of Education Expertise
Years of Education Expertise
Years of Education Expertise
Years of Education Expertise

Webinar on Future of Currency

On 30th May, 2022 a webinar was organized on the topic – Demystifying Cryptocurrency. The School of Law (SOL) has organized the Special Talks on "Future of Currency" in collaboration with Rezwan Razack’s Centre of Numismatic Studies and Research, GDGU. The guest of the webinar were Anuj Chaudhary and Raju Chandrasekar who delivered special lectures. After the log-in of participants and faculties, an introduction of our special guest was given by session moderator and the head of the RRC Committee Dr. Ajit Kaushal. Dr. Azim B. Pathan Head, School of Law warmly welcomed our guest. Words of wisdom was delivered by Dr. Tabrez Ahmad, Vice chancellor, Dean, SOL. The lecture focused upon the whole concept of blockchain as well as other crucial aspects of Cryptocurrency. The event concluded on a vote of thanks and a promise to be conducting events in the coming times.

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Webinar on Demystifying Cryptocurrency

On 30th May, 2022 a webinar was organized on the topic – Demystifying Cryptocurrency. The School of Law (SOL) has organized the Special Talks on "Demystifying Cryptocurrency" in collaboration with Rezwan Razack’s Centre of Numismatic Studies and Research, GD Goenka University. The guest of the webinar were Raju Chandrasekar, Surendra Kotadia and Girish Ahuja who delivered special lectures. After the log-in of participants and faculties, an introduction of our special guest was given by session moderator and the head of the RRC Committee Dr. Ajit Kaushal. Dr. Azim B. Pathan Head, School of Law warmly welcomed our guest. Words of wisdom was delivered by Dr. Tabrez Ahmad, Vice chancellor, Dean, SOL. The lecture focused upon the surge of interest in cryptocurrencies such as Bitcoin, decentralisation of cryptocurrency, crypto as an investment so on and so forth. The event concluded on a vote of thanks and a promise to be conducting events in the coming times.

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