RBI Deputy Governor T Rabi Sankar: RBI Deputy Governor T Rabi Shankar said that the digital rupee will actually be like a normal rupee. It will be digital only in format. In a press conference, the deputy governor said that it would be a 1 to 1 convertible. Just like normal rupees are kept in your purse or your pocket, digital rupees will remain in your cell phone device.
He said that the difference between digital rupee and private cryptocurrencies is that the digital rupee will be issued by RBI.
Cryptocurrencies are a threat to the financial stability of the country
In this regard, RBI Governor Shaktikanta Das said, “As far as cryptocurrencies are concerned, the stand of RBI is clear. Private cryptocurrencies are a major threat to our financial and macroeconomic stability. These will undermine the ability of RBI to deal with issues related to financial stability.
Budget 2022: India will launch its ‘Digital Rupee’, know everything related to digital currency
Investors are investing at their own risk
He said, “It is my duty to inform investors that if they are investing in cryptocurrencies, they should keep in mind that they are investing at their own risk. They should keep in mind that there is no hidden asset in these cryptocurrencies.” Regarding the timeline, the governor said that RBI’s digital rupee will be launched in 2022-23.
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Digital rupee was announced in the budget
He said, “We cannot estimate any timeline for its release at the moment. There will be no difference between Digital Rupee and Normal Rupee. Cryptocurrency is privately created and poses a threat to financial stability.”
In the General Budget, 2022-23, Finance Minister Nirmala Sitharaman had said that the introduction of Central Bank Digital Currency (CBDC) will give a boost to the digital economy. The Finance Minister had said, digital currency will also promote a more efficient and cheaper currency management system. Hence it is proposed to introduce Digital Rupee using Blockchain and other technologies to be issued by RBI from 2022-23. The exact regulation governing this Central Bank Digital Currency (CBDC) is yet to be finalised.
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