Unchartered watersThe Reserve Bank of India recently announced that it is exploring a digital version of its currency or an online version of the rupee. If India pushes through with its plan, then it will be the first central bank in the world that will enter this unknown and unchartered world of central bank-backed digital currencies. Fiat currency is fully backed by the government of a country and is acceptable as payment for public and private debts. E-money is convertible to fiat currency in licensed e-money issuers or e-money agents and is used to electronically transfer monetary value that is equivalent to or similarly denominated as fiat currency. India’s proposed Cryptocurrency and Regulation of Official Digital Currency bill has reportedly been held back.

Source: Philippine Star January 21, 2022 17:18 UTC