 "Reserve Bank of India")
Why is the RBI interested in issuing its own digital currency?
The Reserve Bank of India (RBI) first proposed the idea of a central bank-backed digital currency in April this year on the sidelines of the monetary policy meeting. The banking regulator said that with the advances in the payments industry and digital tokens, central banks around the world are discussing the possibility of introducing digital currency with legal backing. To this end, the regulator set up an interdisciplinary group to study and offer guidance. The group was supposed to have submitted its report by June-end 2018.
The Reserve Bank of India (RBI) first proposed the idea of a central bank-backed digital currency in April this year on the sidelines of the monetary policy meeting. The banking regulator said that with the advances in the payments industry and digital tokens, central banks around the world are discussing the possibility of introducing digital currency with legal backing. To this end, the regulator set up an interdisciplinary group to study and offer guidance. The group was supposed to have submitted its report by June-end 2018.
What is the
