wordpress blog stats
Connect with us

Hi, what are you looking for?

Reserve Bank of India says it is exploring options for issuing Digital Rupee

The Reserve Bank of India (RBI) is exploring the possibility of issuing a digital version of the Indian Rupee, it said in a booklet on Payment Systems in India between 2010 and 2020, released on January 25. While central banks around the world have begun exploring the possibility of issuing a central bank backed-digital currency (CBDC) or in various stages of rolling out digital fiat currencies, Indian regulators have been skeptical about CBDCs and crypto-currencies. "Private digital currencies (PDCs) / virtual currencies (VCs) / crypto currencies (CCs) have gained popularity in recent years. In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks. Nevertheless, RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it"—RBI Booklet on Payment Systems in India. The idea of a Digital Rupee was first proposed by a Finance Ministry committee back in February 2019. “It may be possible to visualise some models of future official digital currencies but as of date it is unclear whether there is clear advantage in the context of India to come up with a official digital currency,” it said. In fact, the RBI said that it had set up inter-departmental group “to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency,” in its annual report for 2017-2018. When asked about CBDCs back in December 2019, RBI…

Please subscribe/login to read the full story.
Written By

Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

Free Reads

News

The service from the tie-up will initally be launched at Bengaluru, Bhubaneswar, Vijayawada and Visakhapatnam railway stations

News

The Minister's response came after an X user posted answers generated by Gemini regarding Prime Minister Narendra Modi.

News

Vaishnaw said that in the next five years, there will be significant disruptions in the way telecom technology operates.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ