CJ - Cryptocurrency Enthusiast
The Reserve Bank of India (RBI), according to the Hindustan Times, suggested a tiered plan for the launch of the central bank's digital currency on May 27, 2022. The RBI announced that it was considering the advantages and disadvantages of establishing CBDC in India in their annual report. Therefore, before going live, it should be implemented in stages, including proof of concept and pilots.
The plan also attempted to guarantee that the CBDC adhered to existing monetary policy and financial stability objectives.
The Reserve Bank of India is working to introduce a central bank digital currency (CBDC) in India, according to the RBI report. The CBDC must be designed to meet the stated goals of monetary policy, financial stability, and efficient currency and payment system operations.
CBDC is the much-discussed cryptocurrency alternative. It will be legal tender, just like paper money, with all of the features of fiat money.
"Digital money will lead to a more effective and cheaper currency management system," India's Finance Minister Nirmala Sitharaman said in her budget statement on April 17, 2022.
"Cryptos are causing worries on two fronts—monetary stability and financial stability," said Subhash Chandra Garg, a former finance secretary. The Reserve Bank of India is more worried with monetary stability."
The RBI also stated that it intends to take a "gradual approach" to the implementation of CBDC.
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