RBI’s Plan To Have Their Own Digital Currency

digital currency

How RBI Is Planning To Move With The Trend of Digital Currencies

It has been reported that the Reserve Bank of India (RBI) is keen on introducing its own digital currency. Following the trends of cryptocurrencies in India, RBI like Bitcoin wants to have their own digital currency in India.

RBI

Deputy Governor BP Kanungo RBI in New Delhi said on Friday that an internal committee at RBI is discussing the model of a digital currency for the central bank and will soon conclude.  RBI had also expressed several concerns about the cryptocurrency Bitcoin previously. The government had announced a ban on private cryptocurrency only last week. Read more about that on our other Article.

RBI Governor Shaktikanta Das said today that In regard to digital currencies, they have already issued their statement. It was reported in the digital payment document that the use of digital currencies is increasing within RBI. BP Kanungo said that the ‘Monetary Policy Committee’ had already made its announcement about digital currency.

He further said that they had formed a committee, which is considering the model of digital currency. With an internal committee working on preparing the model for the Central Bank’s digital currency. It has been said that we will soon hear a big announcement by RBI about this.

In India, the regulator and the government are very cautious about these digital currencies and their risks. In January, the central bank said that  RBI was looking into the possibility of whether a digital currency was needed. Additionally, also how this can be operated successfully if so.