Digital Currency- Reserve Bank of India can launch its first digital currency by December.
Reserve Bank of India (RBI) can launch its first digital currency by December this year. RBI has started its preparation. Central bank governor Shaktikanta Das told in an interview to CNBC that the RBI may start its first digital currency testing program by December. The central bank is working on bringing its Central Bank Digital Currency (CBDC) in a phased manner.
Governor Shaktikanta Das said that RBI is taking great care with digital currency, as it is a new product not only for RBI but for the world. Hopefully we will be in a position to start its first trial by the end of December. Explain that after the decline in the use of cash and the increasing interest of the people about cryptocurrencies, the RBI started considering the trial.
RBI is studying various aspects According to the governor, RBI is studying various aspects of digital currency, including its security, impact on India’s financial sector as well as how it will affect monetary policy and currency in circulation. Let us tell you that recently the Deputy Governor of the central bank T Ravi Shankar had also indicated to launch a digital currency.
He had said that it is difficult to tell the date of introduction of digital currency. We can probably bring its model by the end of this year. Let us tell you that countries like China, Japan and Sweden have even started trials on digital currency. At the same time, UK, China, America are also considering bringing digital currency. That is, in the future, digital currency will dominate the world.
Know what is digital currency?
Central Bank Digital Currency i.e. CBDC It is an electronic form of cash. That is, just as you do cash transactions, you will also be able to do digital currency transactions. With this, the transaction is done without any intermediary or bank. CBDCs work much like cryptocurrencies. However, the value of digital currency does not fluctuate like cryptocurrencies. It will be issued by the central bank of the country.
