RBI open to digital currency, examining the need to introduce CBDC

The Reserve Bank of India (RBI) said it is examining if there is a need to introduce central bank digital currency (CBDC) in the country and is exploring ways to operationalise it, if necessary.

The RBI's statement comes against the backdrop of private digital currencies, virtual currencies and cryptocurrencies gaining popularity in recent years. In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks.

"Nevertheless, the RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it,” the RBI said, releasing a booklet of payment systems in India.

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