Central Bank Digital Currency

On 22nd August, 2022, the Reserve Bank of India (RBI) said that the Central Bank Digital Currency (CBDC) may be introduced in phases beginning with wholesale businesses in the current financial year.

About CBDC

  • According to the RBI, “CBDC is the legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Only its form is different.”
  • The digital fiat currency or CBDC can be transacted using wallets backed by blockchain.
  • CBDCs enable the user to conduct both domestic and cross-border transactions which do not ....
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