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‘Fiat Cryptocurrency’ for Digital Rupee by Reserve Bank of India (RBI)

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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Also Read: India’s Finance Ministry Panel discontinue cryptocurrency usage in the country

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.”

Therefore, the bank has less interest towards non-central bank Cryptocurrencies like Bitcoin. It mentioned with Sen that the RBI is “not comfortable” their potential is “private” Cryptocurrencies.

Previously, in March the RBI warns investors on the risks of Cryptocurrencies and its deputy governor to allege their potential is “being overstated”.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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