RBI for central digital currency |
The Reserve Bank of India (RBI) is looking at the possibility of introducing a `central bank digital currency`. Briefing the media, Deputy Governor B P Kanungo said, "While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency. The report will be submitted by end-June 2018, he added. RBI explains that technological innovations, including virtual currencies, have the potential to improve the efficiency and inclusiveness of the financial system. The RBI has also directed banks and regulated entities not to deal with or provide services to individuals or businesses dealing in virtual currencies.
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