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Cryptocurrency | What happens when RBI issues a digital currency?
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moneycontrol.comThe markets have been buzzing with the Government of India’s new Bill, ‘The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021’. The Bill proposes to ban all private cryptocurrencies in India. Even before passing of the Bill, it has created an impact with prices declining across key cryptocurrencies.
Union Finance Minister Nirmala Sitharaman on November 30 said that the Bill will be introduced in Parliament only after Cabinet approval.
The Bill proposes the Reserve Bank of India (RBI) create an official digital currency, a Central Bank Digital Currency (CBDC), and it makes certain exceptions to promote the underlying technology used by cryptocurrency.
Let’s discuss the RBI issuing a digital currency.
How will a CBDC be
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