RBI Digital Currency: The Reserve Bank’s digital currency; Quick Report on RBI Digital Currency ProIQRA News

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News Agency, Mumbai: Union Finance Minister Nirmala Sitharaman, while presenting the budget for the current financial year, announced the provision of reliable digital currency in view of the inclination of citizens towards virtual currencies and the disadvantages of investing in such currencies. The Reserve Bank of India (RBI) said in a statement on Friday that it is looking into the pros and cons of launching such a currency.

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The Reserve Bank has made suitable changes in the RBI Act, 1934 to facilitate the entry of Central Bank Digital Currency (CBDC) into the market for this digital currency, which is being introduced across India and at the government level. These changes have also been incorporated in the Finance Bill, 2022. This has paved the way for the implementation of CBDC, the RBI said in its report.

What RBI has to say about CBDCs…

Once the CBDC is launched, it will be launched in phases.

It will be designed keeping in mind the credit policy and financial stability

– How to use CBDC, for whom it will also be decided

– How various payments can be made using CBDC will also be considered
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The Reserve Bank is in no hurry to launch the central bank’s digital currency. The bank is exploring all possible possibilities for this currency. Only then will the currency launch.

– Shaktikanta Das, Governor, Reserve Bank