RBI is working on making virtual currency a reality
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Synopsis
A CBDC is a form of virtual currency or cryptocurrency that is issued by a central bank as an alternative to its currency. These are largely stable coins backed by sovereign reserves and, unlike private crypto assets like Bitcoin or Ethereum, the value of these digital coins is not subject to volatile market fluctuations.
The Reserve Bank of India is working toward a “phased implementation strategy” of a Central Bank Digital Currency (CBDC), RBI deputy governor T Rabi Sankar said on Thursday. A pilot to test a general purpose digital currency is a possibility in the near future, he said.
Jumbo life covers bought by rich Indians under ED radar
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Unbeknownst to most outside the secretive world of wealth management, such covers, sold at substantially lower premium than the rates charged by domestic insurers, are often structured as investment products with a single-premium ‘life insurance wrapper’.
‘Jumbo life covers’, running into hundreds of crores, bought by rich Indians from offshore insurers have drawn the attention of authorities.
Around 25 ultra-high net worth individuals across the country have received notices from Enforcement Directorate (ED) for violating foreign exchange regulations which prohibit residents from purchasing life insurance policies from overseas companies without prior permission from regulators, according to three persons aware of the transactions.
RBI Contemplating Pilot Launch of Digital Currency in Near Future: Deputy Governor T Rabi Shankar
The idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards it, Sankar said. By Press Trust of India | Updated: 23 July 2021 09:41 IST
RBI has been exploring the pros and cons of introduction of CBDC since quite some time
Highlights
The Deputy Governor further said legal changes would be necessary
RBI is examining scope of CBDCs, underlying tech, validation mechanism
The Reserve Bank is working on a phased implementation strategy for its own digital currency and is in the process of launching it in wholesale and retail segments in the near future, RBI Deputy Governor T Rabi Sankar said on Thursday.
RBI working on phased introduction of digital currency, mulls pilot projects
The RBI is working on phased introduction of its own digital currency and is mulling pilot projects in wholesale and retail segments in the near future, Deputy Governor T Rabi Sankar said on Thursday. He also said several countries have implemented specific purpose Central Bank Digital Currencies (CBDCs) in the wholesale and retail segments.
A CBDC is a legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Sankar said developing a domestic CBDC could provide the public with uses that any private virtual currency (VC) offers and to that extent might retain public preference for the rupee.
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