Digital rupee will be exactly like normal, physical rupee: RBI Deputy Governor T Rabi Sankar
Digital rupee In a budget of 2022, the Modi government introduced the central bank’s digital currency (CBD) which will provide a big boost for the digital economy. It is proposed to introduce digital rupees based on blockchain and other technologies, and will be a problem by the Reserve Bank of India starting this year. (Image: Shutterstock) Deputy Governor of RBI T Rabi Sankar on February 10 said that digital rupees will be exactly like normal, physical rupee, only it will be digital.
In a press conference, the deputy governor said that it would be 1-to-1 convertible. Only that is digital. Like normal rupees stored in your wallet or pocket, digital rupees will be stored on your mobile device He further added that the difference between digital rupees and personal cryptocurrency is that digital rupees will be issued by the RBI.
Adding it, the Governor of RBI Shaktikanta Das said, “As far as Cryptocurrency, the RBI’s attitude is very clear. Private Cryptocurrency is a big threat to our financial stability and macro. They will damage the RBI’s ability to deal with problems related to financial stability.”
I think it is my job to tell investors that what they invest in Cryptocurrency, they must remember that they invest with their own risk. They must remember that this cryptocurrency has no basis (assets). Not even tulips!, “He added. Speaking of Timeline, the governor said that RBI Digital Rupees will be launched in 2022-23.
We have not been able to predict the timeline for its release. There will be no difference between normal digital rupees & rupees. Cryptocurrency is made personally & it is a threat to financial stability, “he said Minister of Finance Nirmala Sitharaman on February 1 said that the Bank of India’s reserves (RBI) will launch the Digital Currency of the Central Bank (CBDC) in 2022-23, marking the first official statement from the government union-awaited by the government of the digital currency.
FM said the introduction of CBDC would provide a boost on the digital economy. The previous RBI showed that the CBDC was on the card while the central bank opposed the idea of allowing private virtual currencies.
