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India needs to initially go for basic model for CBDC, says RBI report
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business-standard.comIndia needs to initially go in for the basic model of central bank digital currency (CBDC) and use the payment system architecture as a backbone to make a state-of-the-art CBDC, the Reserve Bank said on Tuesday.
In its basic form, a CBDC provides a safe, robust, and convenient alternative to physical cash. Depending on various design choices, it can also assume the complex form of a financial instrument.
"Given its dynamic impact on macroeconomic policy making, it is necessary to adopt basic models initially, and test comprehensively so that they have minimal impact on monetary policy and the banking system.
"India's progress in payment systems will provide a useful backbone to make a state-of-the-art CBDC available to its citizens and
Read more on business-standard.comAbout this in other media
Private cryptocurrencies pose immediate risks, prone to frauds, says RBI FSR report moneycontrol.com /2 years ago
SEBI chief warns Indian mutual funds on investing in cryptocurrency offerings cointelegraph.com /2 years ago
Why RBI thinks India should go for basic models of central bank digital currency livemint.com /2 years ago
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