RBI Digital Currency: To curb the rising expenses in printing black money and notes, RBI is considering bringing digital currency. If Digital Currency has come to India, then the way of the transaction will change, the transactions done abroad can also be monitored.
Delhi: Reserve Bank of India is preparing for a major change. If everything goes well then digital currency can start in the country. Soon an Inter-Departmental Committee of RBI is going to take a decision on this.
Why is digital currency needed
The RBI believes that the virtual currency (Digital Currency) has been around for a long time due to the rapidly changing circumstances of the payment industry, the practice of private digital tokens and rising expenses in preparing paper notes or coins. Feel the need ofSources associated with RBI suggest that the central bank is considering bringing digital currency (CBDC). The central bank has also formed an interdepartmental committee to study the possibilities of the digital currency and decide the guidelines, which are to be decided by the CBDC.
What is CBDC
CBDC is a legal currency and is the digital bank’s central bank’s liability available in sovereign currency. It is also recorded in the balance sheet of CBDC Bank. CBDC is an electronic form of currency that can be exchanged from a cache.
What will be the effect
If digital currency comes into practice, then money transaction and transaction methods will be completely changed. Digital currency will be used instead of notes and coins which will be completely new for India. Not only will there be a change in transaction methods, it will also prevent black money.
These will be beneficial
With the advent of digital currency, it will be easier to follow the monetary policy. Digital Digital Laser Technology (DLT) can be used in this and DLT will also make it very easy to detect transactions abroad. By the way, there is also a demand for changing digital currency.
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