During the meeting of the Monetary Policy Committee, the Central Bank of India (RBI) expressed the intention to implement its own digital currency (CBDC for its acronym in English).
Rapid changes in the financial industry landscape, together with other factors such as the issuance of private tokens and the increase in the value of fiduciary money management costs, have led banking entities around the world to explore alternatives and introduce decrees in As for digital currencies.
Although many central banks are still debating the issue, in recent days a group formed by the Reserve Bank was established to study and provide the required guidance regarding the convenience and feasibility of introducing a digital currency issued by the Bank. Central.
They also commented positively on the use of financial technologies:
"However, we also recognize the potential that blockchain technologies offer in the financial sector. We believe that, despite the risks, its use should be promoted to bring economic benefits. "
Despite the expressed, the RBI made strong statements yesterday on the imposition of restrictive measures towards "the banks and cryptocurrencies that it supervises, which will no longer be able to work with the exchange offices of cryptoactives and other services in the country" .
The measure comes amid the wave of discussions about the risks associated with the use of digital currencies and cryptocurrencies.
In fact, this is not the first time that a central bank engages in discussions on this issue. In early 2016, the Central Bank of England, as well as the Central Bank of China, explored the possibility of issuing their own digital currencies. The Bank of Canada also mentioned the benefits of the CBDC and, at the beginning of 2018, several entities in Malaysia, Taiwan, Poland and Switzerland showed interest in carrying out research on the blockchain system.
For now, we do not have more details, nor about the nature of the aforementioned digital currency. The measure proposed by the Central Bank of India will enter into discussion at the end of June 2018.
Very Interesting. Each day more governments see the benefits of the blockchain and having a cryptocurrency.