RBI will launch digital currency in India next year
RBI is looking into various issues like- which segment should the CBDC target, whether wholesale or retail. Matters related to the mechanism of its validation and distribution channels are also being looked into.
SPECIAL THINGS
Senior officer has told this in SBI's Banking and Economic Conclave
Earlier soft launch of CBDC was expected by December.
Various issues related to this matter are being looked into before the launch
The pilot of the Reserve Bank of India's digital currency can be launched in the first quarter of the next financial year. According to a newspaper report, a senior officer said this at the Banking and Economic Conclave of State Bank of India. Business Standard newspaper quoted P. Vasudevan, Chief General Manager, Department of Payments and Settlements, RBI as writing, “I think somewhere it was said that a pilot launch should be done by the first quarter of next year. That's why we're excited about it."
Central Bank Digital Currencies (CBDCs) will be the only digital or virtual currencies. These will basically be the digital version of fiat currencies, which is the rupee in India. That is, it can be a digital rupee in a way. Earlier, the governor of the central bank had said that a soft launch of CBDC can be expected by December, but RBI has not given any official timeline for this.
Vasudevan said That CBDC may have a useful role, depending on how it is implemented. There should be no rush to launch it. We are on the job and looking into the various issues and nuances related to CBDCs. Vasudevan said that the RBI is looking into various issues like – which segment of the CBDC should target whether wholesale or retail. Matters related to the mechanism of its validation and distribution channels are also being looked into. RBI CGM said that the central bank is also examining whether middlemen can be completely bypassed and most importantly whether the technology should be decentralized or semi-centralised.
RBI has repeatedly expressed concern over cryptocurrencies, which pose risks such as macro-economic and financial stability. Prime Minister Narendra Modi has also spoken on this in the Sydney Dialogue. Prime Minister Narendra Modi has urged cooperation among the democracies of the world to ensure that cryptocurrencies like bitcoin do not fall into the wrong hands. Giving the example of cryptocurrencies like bitcoin, the PM said that all democratic countries should work together on this and ensure that it does not fall into the wrong hands, otherwise it can harm our youth.
0 Comments
Please don't enter any spam link in the comment box.its paid service