RBI May Launch Trials For India's First Ever Digital Currency By December: RBI Governor

Launch First Ever Digital Currency By December: RBI Governor

                                            First of all the meaning of cryptocurrency:-

                         A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.

                                               The Reserve Bank of India may launch its first digital currency trial programs by December," the RBI Governor told CNBC in an interview. He said that the digital currency will not be a new product for just RBI, but also globally and the central bank is extremely careful about the new project.

RBI Governor Shaktikanta Das:-

           Overview:-

                    Reserve Bank of India (RBI) governor Shaktikanta Das recently revealed that the central bank could launch its digital currency as early as December this year. The RBI is expected to launch a central bank digital currency (CBDC), which could be known as a digital rupee. The financial institution is looking into several aspects, including the safety of digital currency, its impact on monetary policy and therefore the take advantage circulation.

The first-ever trials for digital rupee in India could also be launched by December 2021, Federal Reserve Bank of India (RBI) Governor Shaktikanta Das was reported as saying on August 27.

Also mentioned as financial institution digital currencies (CBDC), the digital currency is proposed to be a tender in online form. In other words, the digital rupee are going to be the web version of the fiat currency that's in circulation.

                        The RBI is "being extremely careful about it because it’s completely a replacement product", Das said, while chatting with CNBC.

The financial institution is looking into several aspects, including the safety of digital currency, its impact on monetary policy and therefore the take advantage circulation, Das told the news channel during a pre-recorded interview.

"I think by the top of the year, we should always be ready to — we might be during a position, perhaps — to start out our first trials," he was quoted as saying.