The Reserve Bank of India ( RBI ) recently said that it has been working towards a phased implementation strategy central bank digital currency (CBDC). CDBCs are digital currencies issued by a central bank, and generally take on a digital form of the nation’s existing fiat currency such as the rupee. Meanwhile, industry executives are of the opinion that crypto assets can co-exist with sovereign digital currencies. Also, private currencies and CBDCs can co-exist. “We believe that India, as a democracy, will have open discussions to address the concerns of the central bank, or any other entity.

Source: Mint July 24, 2021 13:17 UTC