RBI planning for Digital Currency in India, Deputy Governor shares plan
Digital Currency in India: Regarding digital currency, Reserve Bank of India (RBI) Deputy Governor T Ravi Shankar has expressed the possibility of bringing a government-guaranteed digital currency.
New Delhi. digital currency ( Digital Currency in India ) Regarding this, RBI Deputy Governor T Ravi Shankar has clarified his stand regarding the digital currency of RBI in the coming times in the country. Along with this, a statement has also been made on how the digital currency will run in the country, what can be the plan. In a statement on Thursday, the RBI explained about the phasing out of its own digital currency.
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RBI Deputy Governor’s statement
RBI Deputy Governor T Ravi Shankar, while speaking at the virtual program of Vidhi Center for Legal Policy on Thursday, said that the central bank will introduce digital currency on a pilot basis, both wholesale and retail, for which work can be done. Used to be. T Ravi Shankar, not only in India, but also on the work being done by the banks of the whole world regarding the Central Bank Digital Currency, said that the RBI has also moved a lot ahead of its thinking on this.
The Deputy Governor also said that there is a need to save some digital currency in view of the unusual volatility in it. These currencies do not get any kind of government guarantee, due to which the central banks of many countries are working on digital currency.
T Ravi Shankar spoke on the various aspects of CBDCs being undertaken by RBI like the central banks of other countries. At present, the central bank digital currency is planned to be implemented on a pilot basis in the wholesale and retail sectors.
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There is a need for changes in RBI ACT
The Deputy Governor of RBI said that changes in the Indian Reserve Bank Act are necessary before the implementation of digital currency in the country because the laws of the Reserve Bank were made keeping in view the physical form of the currency, but the situation regarding digital currency is different. There will be work that needs to be done.
What is digital currency
This is a type of intangible currency that you will be able to see in numbers, it will not be like a note, which you will be able to transact by keeping it in the pocket, for this facility like internet will be necessary through which it can be transacted. Digital currency will be launched by RBI in view of the volatility situation regarding digital currency, due to which the government will have control over it.
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