March 31, 2023

India begins development of national cryptocurrency CBDC

India begins development of national cryptocurrency CBDC

Just a week after the Reserve Bank of India confirmed the legal status of cryptocurrency, the project The national blockchain strategy has called for the creation of an official digital rupee, according to the Indian publication Inc42.

Indian CBDC Introduction Project

National Institute of IntellectualManagement (NISG) presented a draft blockchain technology development strategy for stakeholder comments. The project will help shape the ecosystem for distributed ledger and cryptocurrency technology in India.

The document claims that blockchain has become a priority topic at the World Economic Forum in Davos, where a survey showed that 10% of global GDP will remain on DLT by 2027.

The strategy presented provides thatIn 2025, India will become one of the leading countries in the field of innovation, education, commercialization and implementation of blockchain and cryptocurrency technologies in the private and public sectors. It is also recommended that you begin developing the official cryptocurrency of India based on partnerships between the government and RBI.

“It is strongly recommended that the Government of India, along with RBI, issue a central bank digital CBDC controlled through a public access blockchain.”, - noted in the report.

China has now advanced farthest inthe development of the digital currency of the central bank. European central banks are striving to keep up with Chinese attempts to seize leadership. The United States does not show itself in this race, due to bureaucratic delays and the desire to regulate the development of digital technologies.

Recall that amid the uncertainty in the stock markets caused by the epidemic in China, investors turned to bitcoin, which rose to 3-month highs tonight:

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