Reserve Bank's own digital currency may come by the end of this year, know what the Deputy Governor said

Reserve Bank’s own digital currency may come by the end of this year, know what the Deputy Governor said

The Central Bank is seriously looking at the possibilities of a legitimate digital currency. Deputy Governor T Rabi Shankar said that work is being done on all aspects of this currency like scope, technology, distribution mechanism, validation mechanism.

RBI may bring a model of operation of a valid digital currency by the end of this year.

Today the Reserve Bank of India announced the Monetary Policy Committee. Repo rate and reverse repo rate were retained for the seventh time in a row. On this occasion, Deputy Governor T Rabi Shankar said that the Reserve Bank can bring a model of operation of a valid digital currency by the end of this year. He once again said that the Central Bank is seriously looking at the possibilities of a legitimate digital currency. He said that work is being done on all aspects of this currency like scope, technology, distribution mechanism, validation mechanism.

Earlier on July 22, he had said that India is also thinking of launching digital currency in a phase-wise manner. He said that the time has come when digital currency cannot be denied. China is working on a pilot project of the Central Bank Digital Currency (CBDC). At the same time, the Bank of England and the US Federal Reserve are also working in this direction.

Talking to the media after the press conference regarding monetary policy, he said that it will be difficult to tell about the date when the CBDC of the Reserve Bank will be launched, but very soon we will definitely decide on a model. By the end of this year, it will be clear how the central bank’s digital currency will work. What would be his model?

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