The Reserve Bank of India (RBI) is working on a phased adoption strategy for its own digital currency and a process for launching it in the wholesale and retail segments.
According to PRS Legislative Research, a bill on cryptocurrency and regulation of the state digital currency has been submitted to the Indian parliament. The bill aims to facilitate the creation of the digital currency of the central bank of India while simultaneously introducing a ban on private ownership of public cryptocurrencies.
“The idea of a Central Bank Digital Currency (CBDC) has matured and many central banks around the world are working to implement it. CBDC is needed to protect consumers from the alarming level of volatility seen in some virtual currencies that do not have government support, ”said T. Rabi Sankar, Deputy Governor of RBI.
Experts call central bank digital currencies (CBDCs) one of the most important trends that will shape the future of money in the next decade. According to a report by the Bank for International Settlements, research on government cryptocurrencies
takestsya about 70% of the world’s central banks.
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