Voice of Maharashtra

Governor Shaktikant Das's big statement on RBI's cryptocurrency

New Delhi: The Reserve Bank of India has been working on its digital currency for a long time. Speaking to CNBC, Governor Shaktikant Das said the RBI could launch a test program for its digital currency by December 2021. Central banks around the world are working in this direction. The central banks of China, Europe and the UK are considering possibilities for commercial and public use of cryptocurrency.

 
CBDC (central bank digital currencies) is the name given to a digital currency or cryptocurrency issued by a central bank. This currency will be fully legal. This will be the digital version of the current Fiat currency, experts say. We are very cautious about CBDC, as it is a completely new concept, explained Shaktikant Das.
The Reserve Bank is seriously considering various aspects of digital currency. First of all, it must be safe in every way. In addition, it should not have any negative impact on the Indian financial system. Especially after Corona, there is still pressure on the economy. In such a scenario, the central bank is extremely cautious about the financial markets.
Cryptocurrency craze in India has soared since the Supreme Court lifted the ban. India ranks second in the Global Crypto Adoption Index 2021. It has overtaken countries like China, USA, UK and England. Between June 2020 and July 2021, the acceptance rate of cryptocurrencies has increased by 880 percent. Compared to the third quarter of 2019 (October-December 2019), it has recorded a historic increase of 2300 percent.