RBI may introduce digital currency model by the end of this year
The Reserve Bank of India may bring a model of digital currency by the end of this year. Central bank deputy governor T Ravi Shankar said this on Friday. He reiterated that the central bank is assessing the possibilities of introducing digital currency. It is looking into its various aspects such as scope, technology, delivery mechanism and mechanism of approval.
Earlier on July 22, Shankar had said that India is also considering digital currency in a phase-wise manner. This is the right time for it. China has already started using the digital currency as a trial. At the same time, the Bank of England and the central bank of America are also considering it. Shankar said in a press conference after the monetary review, “It is difficult to tell the date of introduction of digital currency. We may bring a model of this in the near future, possibly by the end of this year.
Earlier on July 22, Shankar had said that such a currency would be in the arsenal of all central banks going forward. Work on a central bank digital currency has been going on for many years. During this time private cryptocurrencies such as bitcoin have become very popular, which are based on blockchain technology.
In the same press conference, RBI Governor Shaktikanta Das clarified that the central bank is constantly concerned about private digital currency and has informed the government about it.
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