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Central Bank of India Introduces Concept of National Digital Currency

ByLouis Adams

Oct 10, 2022 #Altcoins
Reading time: < 1 minute

The Reserve Bank of India officially unveiled its own CBDC concept last week. The regulator has published a report on the prospects for the digital rupee and potential problems that may arise after the introduction of the token.

According to the report, the CBDC will be one of the building blocks of the digitalization of India’s payment infrastructure. With the help of digital currency, the central bank will be able to reduce transaction costs and increase the availability of financial services for residents of remote regions of the country.

In addition, the RBI plans to develop such a mechanism for using CBDC, which will allow sending and receiving tokens offline, that is, without access to the Internet.

In parallel, the regulator has also recalled the risks of investing in bitcoin and other virtual currencies that the Indian authorities do not control.