The Reserve Bank of India is currently working on a phased implementation strategy for its own digital currency, Central Bank Digital Currency (CBDC), and will launch it in the wholesale and retail segments soon. India is already a leader in digital payments, but cash remains dominant for small-value transactions. RBI is currently examining the scope of CBDCs, the underlying technology, the validation mechanism, distribution architecture and degree of anonymity etc.
The primary idea for the RBI is to protect consumers from the appalling level of volatility seen in some or many of the virtual currencies that have no sovereign backing. Though the phased rollout of digital currency augurs well for India, it will come with its own challenges.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Digital currencies are gaining more and more traction by the day, and there are countries that have launched or are going to be launching digital currencies, including Ecuador, Tunisia, Senegal, Sweden, Estonia, China, Russia, Japan, Venezuela, and Israel.
Did you know that many important decisions affecting the whole world are taken in special…
On the 40th Foundation Day of the Department of Biotechnology (DBT), Union Minister Jitendra Singh…
The 7th All India Conference of Government Railway Police (GRP) Chiefs, convened by the Railway…
Did you know that one district in Kerala plays a huge role in filling the…
The Employees’ State Insurance Corporation (ESIC) commenced its 75th Foundation Year celebrations at Bharat Mandapam,…
Did you know that one district in Kerala is lovingly called the “crown” of the…