Reserve Bank Of India Is Step By Step Piloting CBDC
According to a 50-page paper issued on Friday, the Reserve Bank of India (RBI) is taking steps toward launching a digital rupee pilot and outlining essential elements in the central bank digital currency (CBDC).
The Reserve Bank of India said it will begin a trial Digital Rupee program soon and will communicate about its features and benefits from time to time. However, certain essential aspects have been shared with caution.
The paper distinguishes between retail and wholesale use cases, as well as consumer and bank-to-bank transfers, and argues that both may be implemented.
It also analyzes different issuance models, including one in which a wholesale CBDC is account-based and issued by the central bank, while a consumer CBDC is token-based and handled by an intermediary.
Furthermore, the RBI encourages small-value transactions to use a non-interest-bearing currency that mimics genuine cash in order to maintain reasonable anonymity.
The technology underlying the digital rupee is not yet finalized. The RBI is keeping the door open for decentralized technologies to evolve.
The report investigates several alternatives and seeks to raise awareness about CBDCs by providing convincing arguments why a national digital currency is as appealing as cash, if not more so. However, the concept note is mindful of the hazards and intends to implement the pilot program gradually.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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Reserve Bank Of India Is Step By Step Piloting CBDC
According to a 50-page paper issued on Friday, the Reserve Bank of India (RBI) is taking steps toward launching a digital rupee pilot and outlining essential elements in the central bank digital currency (CBDC).
The Reserve Bank of India said it will begin a trial Digital Rupee program soon and will communicate about its features and benefits from time to time. However, certain essential aspects have been shared with caution.
The paper distinguishes between retail and wholesale use cases, as well as consumer and bank-to-bank transfers, and argues that both may be implemented.
It also analyzes different issuance models, including one in which a wholesale CBDC is account-based and issued by the central bank, while a consumer CBDC is token-based and handled by an intermediary.
Furthermore, the RBI encourages small-value transactions to use a non-interest-bearing currency that mimics genuine cash in order to maintain reasonable anonymity.
The technology underlying the digital rupee is not yet finalized. The RBI is keeping the door open for decentralized technologies to evolve.
The report investigates several alternatives and seeks to raise awareness about CBDCs by providing convincing arguments why a national digital currency is as appealing as cash, if not more so. However, the concept note is mindful of the hazards and intends to implement the pilot program gradually.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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