RBI working on its own digital currency
By MYBRANDBOOK
Governor of the Reserve Bank of India (RBI) Shaktikanta Das said that it is working on its own digital currency. According to him, the digital currency that RBI is working on will be different from cryptocurrencies. He said the RBI does not want to be left behind in the technological revolution, and the benefits of blockchain technology need to be capitalised. "We've certain concerns regarding cryptocurrencies," he added.
While talking on the opportunities in the post-COVID time, Das said digital penetration in India has scaled a new high. "The time has come to leverage its applications while at the same time strengthening the digital infrastructure."
The RBI's stance on cryptocurrencies is in line with the Central government, which has revealed that it will bring a new bill on cryptocurrencies (The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021). Finance Minister Nirmala Sitharaman has said that an inter-ministerial committee (IMC) has suggested a ban on private cryptocurrencies, like Bitcoin, in India. Additionally, the same committee has pitched for the introduction of an official digital currency that will be appropriately regulated by the Reserve Bank of India.
The value of the most popular cryptocurrency Bitcoin continues to rise (Bitcoin touched $58,000 last week) and among the people in India there is an enormous intrigue in digital currencies. However, banning the cryptocurrencies in the country could potentially destroy a lot of value for the general public, say experts.
The RBI had virtually banned cryptocurrency trading in 2018. But the Supreme Court in 2019 asked the government to come up with cryptocurrency regulation policies. In 2020, the apex court struck down the curbs imposed by the RBI on cryptocurrency trade in India.
InterGlobe’s Rahul Bhatia and C.P. Gurnani together announce
In a move that is set to transform the AI landscape, Rahul Bhatia, Group M...
Download masked Aadhaar to improve privacy
Download a masked Aadhaar from UIDAI to improve privacy. Select masking w...
Sterlite Technologies' Rs 145 crore claim against BSNL rejecte
An arbitrator has rejected broadband technology company Sterlite Technolog...
ID-REDACT® ensures full compliance with the DPDP Act for Indi
Data Safeguard India Pvt Ltd, a wholly-owned subsidiary of Data Safeguard ...
SECLORE TECHNOLOGY PVT. LTD.
BHARAT ELECTRONICS LTD.
NUMERIC INDIA, A Group Brand Legrand
DIGISOL SYSTEMS LTD.
Technology Icons Of India 2023: Madhabi Puri Buch
Madhabi Puri Buch is the chairperson of the securities regulatory body...
Technology Icons Of India 2023: Lt Gen (Dr.) Rajesh Pant (Retd.)
LT Gen(Dr.) Rajesh Panth (Retd.), National cyber security coordination...
Technology Icons Of India 2023: Gautam Adani
Gautam Adani is the Founder and the Chairman of the Adani Group, an In...
PGCIL transforming India with its wide power transmission network
Engaged in power transmission, POWERGRID or PGCIL is a stated owned In...
BEL leveraging next generation technologies to keep the country ahead in Defence space
Bharat Electronics Limited (BEL) is a Navratna PSU under the Ministry ...
BBNL empowering rural India digitally
BBNL provide high speed digital connectivity to Rural India at afforda...
TEXONIC INSTRUMENTS
Texonic has carved a niche for itself in the Technology Distribution i...
FORTUNE MARKETING PVT. LTD.
Delhi based Fortune Marketing, An ISO 9001:2008 company, distributes ...
RAH INFOTECH
RAH Infotech is India’s fastest growing technology value added dist...