The Reserve Bank of India preparing to bring digital currency next year

The Reserve Bank is planning to carry digital currency into the country. RBI might get Central Bank digital currency in the first quarter one year from now.

The Reserve Bank of India preparing to bring digital currency next year

The Reserve Bank is planning to carry digital currency into the country. RBI might get Central Bank digital currency in the first quarter one year from now.

Due to the increasing trend of Digital currency and lack of transparency in it, the Government of India such as the Reserve Bank of India, the country's central bank, has been expressing its concern from time to time. To put an end to all of these considerations, the government is thinking of bringing digital currency under the ambit of the law. At the time, RBI is working rapidly on introducing its own digital currency.

The process to carry Central Bank Digital Currency (CBDC) has gained momentum. it can be a currency that will be fully digital, nothing like a note or a coin. its pilot project may be launched soon. According to RBI officials, the pilot project will be released by April in the first quarter of next year.

During a discussion on the Annual Banking and Economic Conference of the State Bank of India (State Bank of India), a top RBI official declared that the central bank is going on its digital currency also a pilot will be launched shortly

RBI Chief General manager P. Vasudevan said on the question of RBI's cryptocurrency (Central bank digital currency-CBDC), Vasudevan said, "I think somewhere it was a pilot project could be launched at least by the first quarter of next year."

He also mentioned that different nuances associated with CBDC are being looked into. It is no common thing to say that CBCD may become a habit from tomorrow. However, he also said that for this we should be very vigilant and notice if it is implemented on a large scale or a small part. At the same time. its purpose should be defined.

In the end, CBCD, which is the digital currency of RBI, can be utilized as commonly as our rupees. You can say that money will now be in a digital form. The Reserve Bank will have control over its transactions. However, Cryptocurrencies are not controlled by any bank or government. it is completely decentralized. Crypto doesn't have anything to do with the bank.

Read: Jack Dorsey's decentralized Bitcoin exchange published whitepaper



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