RBI to launch CBDC–Indian Digital currency

The Reserve Bank of India–RBI has been planning to launch its own cryptocurrency, which can be controlled by the Indian government and authorities. The reasons behind this decision include the below factors:

  • to reduce dependency on paper notes
  • to reduce the load on transactions
  • cost-effective globalization of payment systems

With said that you could also use it as fiat money.

Last Friday, the governor of the Reserve Bank of India – Shaktikanta Das announced that the central bank will launch the e-currency by the end of this year, December. Moreover, Das claimed in an interview that the higher authorities have been making strategies for implementations of India’s first and also the world’s first digital currency manage by the state itself.

The bank and the Indian government are handling this controversial issue with extreme care, he further added.

Interestingly, in the last month, the deputy governor of RBI announced in a webinar that the time for CBDC- Central Bank Digital Currency has come. These are important statements from the deputy governor and governor regarding the launch of India’s e- currency.

As the population of virtual currencies in India is growing at a rapid speed, therefore, this is a good sign for all the crypto geeks.

CBDC Vs Cryptocurrency: Which one is better?

  • CBDC will be controlled by the Reserve Bank of India, whereas other digital currencies are not being regulated by any government or states.
  • Interestingly, the supply of CBDC could be increased or decreased depending on the current situation or usage. While other e-currencies around the world have limited supplies.
  • The details of Indian cryptocurrency will only be available to the sender, receiver, and the government (state). On the other hand, the details of other digital currencies are open and available for public.
  • Indian cryptocurrency is not secured because it won’t require any encryption, rather than the users will have to secure it with strong passwords. Whereas other digital coins and currencies are secured by strong encryption.
  • CBDC could be kept in the bank accounts, whereas you can store other cryptocurrencies in digital wallets.
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