RBI will implement digital currency on an experimental basis

-

Mumbai: The Reserve Bank will release its Central Bank Digital Currency (CBDC) in phases. RBI Deputy Governor T Ravi Shankar said the RBI would proceed at a slower pace after examining how it could hamper the performance of banks in raising deposits and its possible impact on monetary policy formulation.

It is likely to be used on an experimental basis in the wholesale and retail segments soon, he said while addressing an online seminar on the issue. Retail digital currency can be used by the general public and companies, while wholesale digital currency is used by financial institutions.

The Reserve Bank has been considering introducing its own digital currency for some time now to counter the risks posed by cryptocurrencies such as Bitcoin.

The Reserve Bank is currently working on a phased implementation strategy and examining the scope of its use. It will be used at the earliest where there is a possibility of no or little disturbance.

The Reserve Bank has been exploring the pros and cons of introducing its digital currency for some time. The RBI will also study various countries in the world where such digital currencies are in the process of being implemented, the deputy governor added.

The Reserve Bank has been considering introducing CBDC for the last few years following the advent of private virtual currencies like Bitcoin. These private currencies have their own advantages but they do not have the backing of the government of any country and therefore they do not follow a proper judiciary.

He also claimed that the Reserve Bank's digital currency would reduce currency costs for the government and help eliminate the risks posed by virtual private currencies.

This type of currency, known as e-CNY, has already been widely reported in China.


Comments

Post a Comment

Popular posts from this blog

Due to the ban, employment and economic activity declined by two to three percent

-
Image
New delhi date. October 7, 2019, Monday A new study has found that employment and economic activity have declined by two to three percent due to the ban. A similar situation has been observed in bank lending. The study found the decline to occur within two months of the notation announced on November 7. This is the first research on demineralization in which data on the effects of districts across India were collected. In addition to the districts, the effect of national level was also studied. Previous studies only examined the national level effect of demonitization. Thus, a full estimate of the overall effect is not known. As a result of the shortage of cash arising out of the blockade, the country's economic activity fell by approximately 8 percent in November-December 2 In the October-December period, bank credit has seen an impact of around two per cent. Cash pulls have impacted demand for a short period. The study found that there was a strong link between money and pro...
Read more

Information about soymilk and casein products

-
Image
- Industrial guidance - Dhiru Parekh Soymilk: Soybeans are converted to high-quality protein. So that high quality drinks can be made which can be easily digested. There is no difference between soymilk and cow's milk. So the conservative industries of milk processing are now using this milk to make yogurt and ice cream. Consumers also cannot tell the difference between ice cream made from cow's milk and from soy milk. Also, the production capacity of soy milk can be increased than that of cow's milk. And the price can be cheaper. Soybeans mainly contain two types of enzymes that are inactivated in the soymilk process. Leukoxidase that catalyzes the oxidation of fatty acids. And enzymes like pepsin, trypepsin are included in it. Which helps in digesting protein. Soyamilk powder manufacturing process: This is an electric pre-heater system. which basically allows fluid to flow easily in a stationless tube under low-voltages. which absorbs the energy flowing through the Ja...
Read more

The brokerage firm objected to SEBI's new proposal regarding Algo Trading

-
Image
MUMBAI: Brokerage firms and fintech companies have objected to market regulator SEBI's discussion paper considering all stock trading orders issued through Application Programming Interface (API) as separate trading, saying it could adversely affect the growth of such trading from India. Algo trading is considered to be an automatic buying-selling system based on algorithms. SEBI has recently said in a discussion paper that it would create a framework for regulating Algo trading by retail investors. A senior official of a brokerage firm said that monitoring of Algo trading is a need of the hour, but such an attempt could hamper the growth of Sebi Algo trading. He added that if the suggestions made in the SEBI discussion paper were implemented, it would be difficult for brokers to make the API available. About 70% of the daily trading volume in Indian stock markets is transacted through advanced forms of algo trading. Algo Trading came to India in the year 2006, but then only se...
Read more