The Reserve Bank Of Is Considering Its Own Digital Currency

At the press conference held after the two-day meeting of the Central Bank's Monetary Policy Committee, RBI Deputy Governor D.B.P. Kanungo said that the central bank is considering bringing its digital currency. He said that in view of the rapidly changing scenario of payments industry, the coming up of private digital tokens and the costs associated with managing paper notes or coins, many central banks across the world are now thinking to bring digital currency.

The RBI has set up an inter-departmental committee to study the prospects of the central bank and the guidelines for its guidelines. The committee will submit its report by the end of June. He said that the backbone of digital currencies like Bitcoin is BlockChain or Distributed Laser Technology. They have great importance for their broad economy and we need to adopt it.

The deputy governor said that we also believe that it should be encouraged to benefit the economy.
It has been said that virtual currency and other technical innovation have the potential to increase the efficiency of the financial system, but there has also been concern about issues such as consumer protection, totality of the market and white timing. The Reserve Bank has consistently warned consumers, holders and traders of virtual currencies in this regard.