Page 7 - சட்டப்பூர்வமானது பாலிஸீ News Today : Breaking News, Live Updates & Top Stories | Vimarsana
Nigeria and India announce new digital currency plans
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RBI s CBDC may help India s bitcoin and cryptocurrency investors — Quartz India
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15 hours ago
Speaking at a webinar, the RBI deputy governor examined key issues related to bank-backed digital currencies and spoke about why they were important given the advent of cryptocurrencies.
The Reserve Bank of India is working towards a “phased implementation strategy” for the introduction of central bank-backed digital currency (CBDC), Digital Rupee, and examining use cases to ensure that its execution does not cause any disruption. Unlike cryptocurrency or private virtual currency (PVC) which is issued by private entities, a CBDC (same as a fiat currency) is issued by a country’s central bank, and is backed by assets such as government securities. It is also exchangeable one-to-one with the fiat currency.
India’s central bank may have answered one of the country’s
cryptocurrency industry’s biggest questions. Speaking at a webinar organized by the Vidhi Centre for Legal Policy, a top advocacy group in India, T Rabi Sankar, Deputy Governor, Reserve Bank of India (RBI),
said “private virtual currencies” are at “substantial odds” to the historical concept of money. He questioned the comparison of crypto assets with commodities like gold, saying that cryptos have no “intrinsic value”.
The country’s industry has often asked questions about what the government’s definition of “private cryptocurrencies” is. The term was first heard of when it appeared in the agenda for the Parliament’s Budget session back in February-March. A bill was expected at the time, which would ban the use of private
Reserve Bank Working On A Phased Implementation Of A Digital Currency; Pilot Tests A Possibility In Near Future
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