The Reserve Bank of India & # 40;RBI & #41; is working on a strategy for the phased introduction of its own digital currency and the process of its launch in the wholesale and retail segments.
According to PRS Legislative Research, a bill on cryptocurrency and regulation of the state digital currency has been submitted to the Indian parliament. The bill is aimed at promoting the creation of a digital currency of the central bank of India, while introducing a ban on private ownership of public cryptocurrencies.
“The idea of a Central Bank digital currency (CBDC) has matured, and many central banks in the world are working on its implementation. CBDC is necessary to protect consumers from the frightening level of volatility observed in some virtual currencies that do not have government support, ” said T. Rabi Sankar, Deputy governor of the RBI.
Experts call the digital currencies of central banks (CBDC) one of the most important trends that will determine the future of money in the next decade. According to the report of the Bank for International Settlements, about 70% of the world’s central banks are engaged in research in the field of state cryptocurrencies.