Fun

India Plans to Unveil Central Bank Digital Currency Model by Year End

News Feed - 2021-08-10 12:08:15

India Plans to Unveil Central Bank Digital Currency Model by Year End


The deputy governor of India’s central bank, the Reserve Bank of India (RBI), says the bank should be able to come up with a central bank digital currency (CBDC) model by the end of this year. India May Unveil a CBDC Model by Year End


The Reserve Bank of India (RBI) may unveil a model of a central bank digital currency (CBDC) by the end of the year, Deputy Governor T. Rabi Sankar said Friday at the post-Monetary Policy Committee (MPC) press conference.


Without providing further details, he described: These are extremely evolving technologies and business choices that one has to make, and therefore it’s difficult to put a date, but we should be able to come up with a model in the near future, probably by the end of this year.


The deputy governor continued: “We are evaluating the issue of scope, technology, distribution and validation mechanism etc.”


Last month, he revealed that the central bank was working on a “phased implementation strategy” for India’s CBDC and also “examining use cases which could be implemented with little or no disruption to India’s banking or monetary systems.”


According to a recent report, 81 countries, representing over 90% of global GDP, are exploring launching their own central bank digital currencies.


Meanwhile, the International Monetary Fund (IMF), the World Bank, and the Bank of International Settlements (BIS) say CBDCs “have the potential to enhance the efficiency of cross-border payments, as long as countries work together.”


What do you think about India launching a central bank digital currency? Let us know in the comments section below. US Senators and Treasury Reach Agreement on Crypto Requirements in Infrastructure Bill REGULATION | 5 hours ago SEC Fines Poloniex $10 Million for Operating Unregistered Cryptocurrency Exchange REGULATION | 7 hours ago Tags in this story CBDC, india cbdc, india central bank digital currency, indian cbdc, innovation offshore, mike lee bitcoin, mike lee crypto, mike lee cryptocurrencies, rbi cbdc, senator mike lee, utah senator


Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

A Model for the Next Generation DEX, TitanSwap Will Be a Dex With Better User Experience
A Model for the Next Generation DEX, TitanSwap Will Be a Dex With Better User ExperienceTitanSwap is using the renBTC protocol to implement cross-chain operations. Compared with the
Stablecoins Cannot Function as Money Because They Have No ‘Assured Value’ — Bank of England Governor
Stablecoins Cannot Function as Money Because They Have No "Assured Value" — Bank of England Governor Andrew Bailey, the governor of the Bank of England, has asserted that stablec
Top Fed Official Says US Central Bank ‘Actively’ Debating Digital Dollar
A top Federal Reserve official said Wednesday that the U.S. central bank is “actively looking at and debating” issuance of a digital currency, amid growing worries among current and former regulators that the
Ripple to Participate in the Digital Dollar Project’s CBDC Sandbox Program
Ripple to Participate in the Digital Dollar Project"s CBDC Sandbox Program The non-profit organization promoting the creation of the digital dollar, the Digital Dollar Project, has
Accused Bitfinex Bitcoin Money Launderer Granted Permission to ‘Engage in Legitimate Employment’
Accused Bitfinex Bitcoin Money Launderer Granted Permission to "Engage in Legitimate Employment" On February 8, 2022, the U.S. Department of Justice (DOJ) arrested a couple that is
William Suberg2 hours agoBTC price metric warns that Bitcoin speculators may sell past $33KBitcoin speculators remain important for BTC price analysis as their profitability nears classic selling levels.1520 Total views1
Central Bank of Sri Lanka Warns of ‘Significant Risks’ in Using and Investing in Crypto
Central Bank of Sri Lanka Warns of "Significant Risks" in Using and Investing in Crypto Sri Lanka’s central bank has issued a warning about “the significant risks assoc
IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies
IMF Representative of Nigeria Calls for Caution Over the Use of Cryptocurrencies The International Monetary Fund (IMF) resident representative for Nigeria, Ari A
Fake Website Prompts China’s Central Bank to Deny Digital Yuan Launch
The People’s Bank of China (PBoC) said the country’s stablecoin project is still in the testing stage with no date set for its launch, despite online impostors claiming otherwise.
Restaking could introduce ‘hidden risks’ to Ethereum — Coinbase
Tom Mitchelhill7 hours agoRestaking could introduce ‘hidden risks’ to Ethereum — CoinbaseEthereum restaking will form a “core part” of the network in the future — but there are still risks that come along wit
Ark Invest Expects Bitcoin to Exceed $1 Million by 2030 — Says BTC Could Transform Monetary History
Ark Invest Expects Bitcoin to Exceed $1 Million by 2030 — Says BTC Could Transform Monetary History Ark Investment Management (Ark Invest) has predicted that the price of bitcoin
Felix Ng2 hours agoETH DeFi ‘circuit breaker’ could cut hack losses by 70% — DeveloperDiyahir Campos, a smart contract developer behind the new ERC proposal, sought action after falling victim to the Euler Finance