Central Bank of India According to official claims, digital money should be able to perform all cryptocurrency-related tasks with no risk

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According to a representative of the Reserve Bank of India (RBI), if there is anything that cryptocurrencies like bitcoin and ether can do, the RBI should be able to develop a product that will accomplish the same task without the dangers involved.

RBI official on the relative merits of cryptocurrencies and the digital rupee

At a gathering hosted by the Indian Banks’ Association on Friday, Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar discussed cryptocurrencies and central bank digital currency (CBDC) (IBA)

We also understood that private currencies have demonstrated that digitizing money may be advantageous, according to the RBI official.

The deputy governor said: If there is anything that a private cryptocurrency can do, we should be able to create a product that will do that without the associated risks in a safer format in fiat money backed by the government and issued by the central bank. Examples of such non-government-issued cryptocurrencies include bitcoin and ether.

On December 1, eight banks joined the RBI in launching the first retail central bank digital currency (CBDC) trial.

The RBI’s wholesale CBDC trial, which started on November 1 for the trading of government bonds, was followed by the retail digital rupee experiment.

The earliest CBDC pilots, according to the Indian central banker, are intended to guarantee the effectiveness of all systems.

The deputy governor of the RBI outlined how the institution would expand on the digital infrastructure it is developing, pointing out that tokenized bonds and smart contracts are just two of the numerous options.

The RBI, on the other hand, thinks that all cryptocurrencies, including bitcoin and ether, need to be outlawed.

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