Working on phased introduction of own digital currency, says RBI deputy governor

working on phased introduction of own digital currency says rbi deputy governor

Sumary of Working on phased introduction of own digital currency, says RBI deputy governor:

  • NEW DELHI: The Reserve Bank of India (RBI) is working on phased introduction of such currencies, its deputy governor of RBI T Rabi Sankar said on Thursday.
  • What is CBDCAccording to RBI, CBDC is a legal tender issued by a central banking digital form.
  • In his speech Sankar noted that CBDC is the same as currency issued by a central bank but takes a form that is different from paper (or polymer).
  • “It could also protect the public from the abnormal level of volatility some of these virtual currencies experience,” he added.
  • In addition, payments using such currencies are final and thus reduce settlement risk in the financial system.
  • It will also potentially enable a more real-time and cost-effective globalisation of payment systems, the deputy governor noted.
  • CBDC in IndiaThe finance ministry, in 2017, had set up a high level inter-ministerial committee to examine the policy and legal framework for regulation of virtual / crypto currencies.
  • “Introduction of CBDC would possibly lead to a more robust, efficient, trusted, regulated and legal tender-based payments option.

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