RBI is planning to launch CBDC Crypto project soon – It’s value is expected to be the same as of Fiat Currency
Initiation of the Step to launch CBDC –
The Apex Bank of India (RBI) has already released its concept note for central bank digital currency (CBDC), this was announced by Finance Minister Nirmala Sitharaman in Parliament during her budget speech in February this year.
The concept notes issued by RBI clarified CBDC and the features of the digital rupee. It explains the very objectives, choices, benefits, and risks involved in CBDCs.
Concept notes discuss technology and design choices, possible uses of the Digital Rupee, and issuance mechanisms and examine the implications of the introduction of CBDC on the banking system, monetary policy, financial stability, and privacy issues.
The Reserve Bank of India will soon commence launches of CBDC for specific use cases. As such pilot launches expand, the Apex Bank will continue to communicate about the specific features and benefits of CBDC Token.
For Related News: Indian Apex Bank RBI Publishes Concept Note For its Digital Rupee, CBDC
Value is expected to be the same as that of Fiat Currency
The CBDC will be a legal tender issued by the RBI and treated as equivalent to a sovereign currency and is exchangeable one-to-one at par with the fiat currency of India.
CBDC will be kept in alignment with RBI monetary policy and will appear as a liability in the central lender’s balance sheet as mentioned by RBI. CBDC is a fungible legal tender for which holders don’t need to have a bank account.
CBDC will be a medium of payment, a legal tender, and a safe store value for all citizens, businesses, governments, and others. They can get it converted into bank money or cash. CBDC aims to speed up transactions and reduce costs.
CBDC is developed keeping in mind the public with a risk-free virtual token that will provide them with advanced benefits without the risks of dealing in private virtual tokens, stated the RBI said.
Dileep Seinberg, Founder & CEO, of Muffin Pay, stated that “This is one of the most significant events in the Indian Fintech industry, which would facilitate the development of enterprise-level use cases.”
“It will also pique the interest of major investors in the Indian blockchain ecosystem,” he added. “CBDC-driven use cases and products will be accessible to mainstream technology companies. In a 24*7 economy, the digital Rupee will be a game changer.”
