Reserve Bank of India outlines its plans for a CBDC
Join Our Telegram channel to stay up to date on breaking news coverage The reserve Bank of India (RBI) has announced its plans to launch a central bank digital currency (CBDC). In a 51-page note released on October 7, the bank looked into the primary motivations behind issuing an Indian CBDC. Reserve Bank of India outlines CBDC plans The document summarizes the key motivations behind issuing a CBDC in India. It highlights safety, trust, liquidity, integrity, and settlement finality as some of the key Features behind a sovereign digital currency. One of the key motivations behind issuing a CBDC in India is to lower the operational costs of managing physical cash within the country. The RBI has also outlined other factors like boosting resilience and efficiency and supporting innovation in the payments system. A CBDC would also streamline cross-border payments and settlements in remote areas that do not have stable electricity connections or access to mobile network . While ...