Now India will also have a digital cryptocurrency currency, RBI, in preparation for launch

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New Delhi, 5 February 2021 Friday

The RBI is working to bring the official digital currency into the country as soon as possible. It is planned to bring cryptocurrency on the lines of Bitcoin. The RBI is trying to figure out what the benefits of bringing digital currency will be and how useful it will be. RBI Deputy Governor B.P. Kanungo said the RBI's internal panel was working on the central bank's digital currency model and would take a decision soon.

On the other hand, RBI Governor Shaktikant Das also told reporters on Friday, "Regarding digital currency, I think we have already released our document. Our digital payment document indicates that digital currency is in progress in RBI." Cryptocurrency was introduced in 2009 as "Bitcoin". It was built by an engineer named Satoshi Nakamoto from Japan. Initially he was not so successful but gradually his rate started skyrocketing which made him successful. If observed, there are about 1000 types of cryptocurrencies in the market so far.

It may be mentioned here that the RBI had earlier expressed its intention to introduce an official digital currency against the proliferation of cryptocurrencies like Bitcoin, about which the central bank had many concerns. The government last week moved to ban private cryptocurrency. The central bank said in a report in January that "however, the RBI is exploring the possibility of whether a digital version of the Fiat currency is needed, and how to operate it."

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