India’s Central Bank RBI Unveils Plan to Launch Digital Currency in Phases

India’s Central Bank RBI Unveils Plan to Launch Digital Currency in Phases
фото показано с : news.bitcoin.com

2021-7-23 14:30

The deputy governor of the Reserve Bank of India (RBI) has revealed that the central bank is planning to launch a state-backed digital currency in phases so that it would have “little or no disruption to India’s banking or monetary systems.”

RBI Plans ‘Phased Implementation’ for Digital Rupee RBI Deputy Governor T. Rabi Sankar talked about India’s central bank digital currency (CBDC) at the Vidhi Centre for Legal Policy on Thursday, local media reported. He explained that the “RBI has been exploring the pros and cons of introduction of CBDCs since quite some time,” elaborating:

RBI is currently working towards a phased implementation strategy and examining use cases which could be implemented with little or no disruption to India’s banking or monetary systems.

According to the central bank, a CBDC “is the same as a fiat currency and is exchangeable one-to-one with the fiat currency,” Sankar described, adding that “Only its form is different.” He noted that “Generally, countries have implemented specific-purpose CBDCs in the wholesale and retail segments,” emphasizing that “Going forward, after studying the impact of these models, launch of general-purpose CBDCs shall be evaluated.” The deputy governor further opined, “conducting pilots in wholesale and retail segments may be a possibility in near future.” if (!window.GrowJs) { (function () { var s = document.createElement('script'); s.async = true; s.type = 'text/javascript'; s.src = 'https://bitcoinads.growadvertising.com/adserve/app'; var n = document.getElementsByTagName("script")[0]; n.parentNode.insertBefore(s, n); }()); } var GrowJs = GrowJs || {}; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push({ node: document.currentScript.parentElement, handler: function (node) { var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); } }); Deputy Governor Sankar highlighted a few benefits of a central bank-backed digital currency. They include reducing dependency on cash, saving on the cost of money printing, and enhancing settlement mechanisms. Another benefit is the elimination of the “time zone difference” in foreign exchange transactions, which would result in a cheaper and smoother international settlement system. He also clarified that private cryptocurrencies, such as bitcoin, do not fit the RBI’s definition of currency and one of the reasons central banks worldwide, including India, are experimenting with CBDCs is to minimize the risks posed by cryptocurrencies on traditional financial systems.

What do you think about the RBI’s plan to launch a digital rupee in phases? Let us know in the comments section below.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

India Coin (INDIA) на Currencies.ru

$ 6.733E-5 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 1.49 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 999999
Доступно / Всего 0 INDIA

india bank currency phases digital launch rbi

india bank → Результатов: 126


Фото:

Crypto vs RBI: Exchange Counsel and RBI Take Center Stage at Supreme Court

India’s supreme court spent all day on Wednesday hearing extensive arguments from both the counsel representing crypto exchanges and the central bank, the Reserve Bank of India (RBI). The counsel for the central bank confirmed again that cryptocurrency is not banned in India, but still justifies the banking restrictions on the crypto industry.

2020-1-22 16:05


Binance Buyout Brings Hope to Investors in India of Enhanced Regulation

Back in April 2018, India’s central bank instigated a massive crackdown on purchasing and trading cryptocurrency like Bitcoin. Bibhu Kanungo, who is the Deputy Governor for Reserve Bank of India, declared that all the firms regulated by the RBI should “stop having business relationships with entities dealing with virtual currencies forthwith and unwind the existing […]

2019-11-29 21:02


Фото:

India ‘Not in Favor’ of Banning Cryptocurrency (Reports)

The Indian government is reportedly “not in favor” of banning cryptocurrency, new sources claim June 13. Gov’t vs. Central Bank Citing local financial company Cogencis, local news media outlet Economic Times said a dedicated panel studying cryptocurrency “may suggest allowing cryptocurrency,” but with undisclosed “riders” – or provisos – about its usage.

2018-6-13 16:00