Nowadays, the popularity of cryptocurrencies such as Bitcoin has increased significantly. In such a situation, the RBI is also contemplating to bring in its digital currency. The government regulator and the government are concerned about such currency. They care about the risk involved.
- The internal committee of the RBI is thinking of providing digital currency
- The RBI has officially announced the introduction of digital currency in the past.
- The announcement was made amid the popularity of cryptocurrencies such as Bitcoin
The Reserve Bank of India (RBI) deputy governor BP Kanungo said on Friday that the RBI’s internal committee is reviewing the central bank’s digital currency issuance and will soon recommend it. The RBI has officially announced the introduction of digital currency in the past. The announcement comes amid the growing popularity of cryptocurrencies such as Bitcoin.
The RBI has many concerns about this currency. The government took action last week to shut down private cryptocurrency. Reserve Bank Governor Shaktikanta Das said on Friday, ‘In the case of digital currency, I think we have already issued the documents. Our digital payment document states that digital currency work is underway at RBI.
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Concerns about cryptocurrency
Kanungo said the Finance Policy Committee announced shortly before the introduction of digital currency. He said, ‘One of our committee is reviewing it. In fact, the internal committee is reviewing it. The committee will determine the central bank’s digital currency model and soon you will hear information about it. The popularity of private digital currency / online currency / crypto currency has increased in recent times.
In India, the regulator and the government are concerned about such currency. They care about the risk involved. The central bank said in its report in January, ‘Despite this, the RBI is exploring the possibility of a digital currency. And if it is really needed, how does it work? ‘