December 5, 2022

Central Bank of India plans to develop national cryptocurrency

Central Bank of India plans to develop national cryptocurrency

The Reserve Bank of India (RBI), the country's central bank, has shown interest in digital currency. So, the regulator unveiled plans to create its own digital currency.

Shaktikanta Das, head of RBI, noted that the release of digital currency may take some time, given that the technology is still in its infancy.

Meanwhile, the ad does not change positioncentral bank regarding private cryptocurrencies. In particular, in July, the Interdepartmental Committee submitted to the Ministry of Finance a bill proposing to ban all private cryptocurrencies in India, except for those that will be issued by the government.

Despite this, today's decision can positively respond to the development of the region, as it gives hope to the country's residents to officially use digital currency in the future.

As for the blockchain, authorities show practical interest by integrating technology to support and develop several sectors in the country, including the tea industry.