Fiat Cryptocurrency Research
The Reserve Bank of India (RBI) has come up with its ongoing fiat cryptocurrency research. Therefore, it is intimating its role in future digital rupee alternatively.
Currently, Indian Government is trying to move towards a fully digital economy. It has originated the flagship Digital India scheme and research programs to constrain that process forward.
Reportedly, publish in January; a paper from RBI’s research institute disputes that blockchain tech could provide the basic necessities for the rupee digitization.
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According to the Economics Times, Sudarshan Sen, RBI executive director has signified that work is still in progress, says at Indian fintech conference on Wednesday,
“Right now, we have a group of people who are looking at fiat Cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely.”
Previously, in March the RBI warns investors on the risks of Cryptocurrencies and its deputy governor to allege their potential is “being overstated”.