RBI’s Indian currency plan to compete with bitcoin

Cryptocurrency: Due to the increasing trend of digital currency and lack of transparency in it, the country’s top bank, Reserve Bank of India, including the Government of India, keeps expressing its concern from time to time. To put an end to all these speculations, the government is considering bringing digital currency under the purview of the law. Simultaneously, RBI is working fast on introducing its own digital currency.

Work is progressing rapidly on bringing a central bank digital currency ie CBDC. It can be a currency that will be completely digital and not like a note or coin. Its pilot project can be launched soon. According to RBI officials, this pilot project will be launched by the first quarter of next year i.e. by April.

RBI Preparation of

During a discussion at the State Bank of India’s annual banking and economic conference, the top RBI official said that the apex bank is working on its own digital currency and a pilot project will be started soon. .

brainstorm on these things

RBI Chief General Manager P. Vasudevan said on the question of RBI’s digital currency (CBDC) that I think somewhere it was said that at least by the first quarter of next year, a pilot project will be launched. can be done.

He also said that various nuances related to CBDC are being looked into. It is not common practice to say that CBDCs may become a habit from tomorrow. However, he also said that for this we have to be very careful and see whether it is on a large scale or a small part. At the same time, its purpose should also be fixed.

Indian digital currency completely different from crypto

Simply put, CBDC i.e. RBI’s digital currency can be used as our normal rupee-money. It can be said that now money and money will be in digital form. Only the Reserve Bank will issue this digital currency CBDC. That is, the RBI will have control over its transactions. Whereas, no bank or government has control over cryptocurrency. It is completely de-centralised. Crypto has nothing to do with the bank.

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