The Reserve Bank of India (RBI) plans to launch the first tests of a central bank digital currency (CBDC) by the end of this year.The manager of the bank Shaktikanta Dac reported.
</p>In an interview with CNBC, Dac explained that the central bank is carefully studying various aspects of digital currencies, including their safety and potential impact on financial India:
“We are very careful with this, because it isa completely new product not only for RBI, but all over the world. RBI studies various aspects of digital currency, including its safety, influence on the financial sector of India, as well as how it will affect the financial policy of the country.
Interest in CBDC has grown significantly over the pastyears due to the download of the implementation of the technology of the distributed source. Central banks of China, Europe and Belgium are actively working on the release of CBDC. In July 2021, the European Central Bank announced the start of the research phase of the Digital Euro project. In November 2020, President of the European Central Bank, Christian Lagard, noted that the ECB plans to introduce a digital euro by 2024.
As a growing market, India is onefrom the fastest growing directions in the world of cryptocurrencies. Adoption of cryptocurrency assets in India has grown rapidly in the last 12 months. One crypto-investor in India is at constant voltage due to the potential ban of innovative assets.
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