RBI will launch its digital currency in the country, RBI Governor said this big thing
The trend of digital currency is gaining momentum and India is not untouched by the impact of cryptocurrency skyrocketing prices. India has started making plans to bring its digital currency. The country’s top bank, the Reserve Bank of India, has also started working on digital currency.
Reserve Bank of India (RBI) Governor Shaktikanta Das has said that the RBI is working on its own digital currency. This currency will be completely different from cryptocurrency.
Blockchain technology
He said that India does not want to be left behind in the era of a technological revolution. There is a need to adopt the advantages of blockchain technology. The governor also said that there are different types of concerns regarding cryptocurrency.
On the 185th Foundation Day of the Bombay Chamber of Commerce and Industry, RBI Governor Shaktikanta Das said that India stands on the threshold of moving forward on the road to success.
Concerns about cryptocurrency
In a conversation with a private TV channel a day earlier, Shaktikanta Das said that the RBI is concerned about the impact of cryptocurrency on the financial stability of the economy and the bank has conveyed this concern to the government.
Referring to blockchain technology, he said that blockchain technology is completely different and this technology is yet to be exploited. But there are some big concerns about cryptocurrency.
The government also objected
Let us know that the government is planning to bring such a bill in Parliament, through which the functioning of cryptocurrencies in India will be prevented. In 2018, the Reserve Bank stopped banks and other financial institutions from supporting cryptocurrency transactions.
The bank was worried that the digital currency could be used for fraud. So it took this step.
Supreme Court on cryptocurrency
The RBI’s ban on cryptocurrency was lifted by the Supreme Court on March 4, 2020. The court, while hearing the petition filed against the RBI order, termed the decision to ban cryptocurrency extremely strict.
