The Central Bank of India is studying a "fiduciary cryptocurrency" to create a digital rupee
The Central Reserve Bank of India (RBI), the country's central bank, has spoken about its ongoing investigation of the crytocurrencies, alluding to its role in a future digital alternative for the rupee.
With the Indian government currently trying to move towards a completely digital economy, it has initiated India's digital flagship initiative and research programs to push forward that process.
According to CoinDesk, an article from the RBI's research institute, published in January, argued that blockchain technology could provide the necessary basis for the digitization of the rupee.
Now, according to The Economic Times, RBI chief executive Sudarshan Sen has indicated that this work is still ongoing, and stated at a Fintech conference in India:
"Right now, we have a group of people who are evaluating a fiduciary cryptocurrency. Something that is an alternative to the Indian rupee, so to speak. We are evaluating that in detail. "
However, the bank is less interested in cryptocurrency than non-central banks, such as bitcoin; Sen said the RBI "is not comfortable" with the "private" cryptocurrencies.
The RBI has previously issued warnings to investors about the risks of the cryptocurrencies, and its lieutenant governor said its potential is "exaggerated" in a March speech.
Source: CoinDesk
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