New Delhi, March 15
There is no such thing as a plan to introduce cryptocurrency by the federal government, Minister of State for Finance Pankaj Chaudhary knowledgeable the Rajya Sabha on Tuesday. Presently, cryptocurrencies are unregulated in India, he mentioned in a written reply.
“RBI doesn’t challenge cryptocurrency. Conventional paper foreign money is a authorized tender and is issued by RBI by way of provisions of RBI Act, 1994. A digital model of conventional paper foreign money known as Central Financial institution Digital Foreign money (CBDC),” he mentioned.
RBI is at the moment working in the direction of a phased implementation technique for introduction of CBDC and inspecting use circumstances which may very well be applied with little or no disruption, he mentioned in one other reply. — PTI
Digital foreign money on playing cards
- RBI is at the moment working in the direction of a phased implementation technique for introduction of Central Financial institution Digital Foreign money (CBDC), Minister of State for Finance Pankaj Chaudhary mentioned
- Introduction of CBDC has the potential to offer important advantages akin to diminished dependency on money, increased seigniorage because of decrease transaction prices, he added