RBI to launch its digital currency by December 2021: Shaktikant Das

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New Delhi, 27 August 2021 Friday

The Reserve Bank of India has been working on its digital currency for a long time. Governor Shaktikant Das said the RBI may launch a trial program for its digital currency by December 2021. Central banks around the world are working in this direction. The central banks of China, Europe and Britain are considering the possibilities of cryptocurrency for commercial and public use.

The digital currency or cryptocurrency issued by any central bank is called CBDC (Central Bank Digital Currency). This currency will have full legal recognition. Experts say this will be the digital version of the current Fiat currency. Shaktikant Das said that we are very careful about CBDC as it is a completely new concept.

Assessing the impact on the financial system

The Reserve Bank is seriously considering various aspects of digital currency. First of all it should be safe in every way. Apart from this, it should not have any negative impact on the Indian financial system. Especially after Corona, the economy is still under pressure. In such a scenario, the central bank is very cautious about the financial market.

Concerns over private cryptocurrency continue - Governor Das

Shankar said work on digital currency has been going on for many years. However, the growing popularity of private cryptocurrencies such as Bitcoin and Etherium has attracted attention. All of this is based on cryptocurrency blockchain technology. At the MPC press conference, Governor Shaktikant Das said the central bank's concern was about private cryptocurrency. He said it has not been regulated yet and the matter has also been shared with the government.

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