Digital Currency: ‘Digital Currency’ to be launched in India soon; RBI preparations begin

Given the growth in digital payment transactions in the country, the Reserve Bank of India is now gearing up to introduce digital currency. So now there is a possibility of more transparency in financial transactions.

India is taking a step towards the introduction of digital currency and the Reserve Bank of India is now preparing to launch digital currency in the country through the Central Bank Digital Currency (CBDC). Digital currency will be implemented in phases across the country. Many countries around the world are considering implementing digital currency. RBI Deputy Governor T.S. Shankar had expressed this last week.

The digital currency that will be launched in India will be similar to the cryptocurrency Bitcoin. But it will also have more transparency than Bitcoin and it will be legal. The RBI is working on this and is likely to announce its policy soon.

Commenting on the digital currency in February, RBI Governor Shaktikant Das had said, “Central Bank Digital Currency (CBDC) is being tested to see if the country can use cryptocurrency. This step is being taken to ensure that India does not lag behind in the digital revolution.” ”

Using digital currency you can transact your money from mobile or laptop. It does not require a third party or mediator. In the last one or two years, hard cash transactions in India have been greatly reduced due to digital payment apps. This digital currency is expected to bring even more convenience than this payment app.

The use of cryptocurrency is not yet recognized in India. Regulatory bodies like RBI and SEBI do not have definite rules on the use of cryptocurrency. Therefore, the use of cryptocurrency cannot be directly controlled. The RBI had earlier banned the use of virtual currencies like Bitcoin in 2018. The ban was lifted by the Supreme Court.

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