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 ....
Do You Want to Read More?
Subscribe Now
Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material before the last six months of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Related Content
- 1 Government e Marketplace (GeM)
- 2 Inflation Targeting
- 3 Bond Yield
- 4 Asset Reconstruction Companies (ARCs)
- 5 Agriculture Infrastructure and Development Cess (AIDC)
- 6 SBI Launches Centre of Excellence for MSMEs in Gurugram
- 7 Inverted Duty Structure under GST
- 8 Sustainable Aviation Fuel
- 9 Annual Survey of Industries 2023-24
- 10 Cabinet Approves Incentive Scheme to Promote Critical Mineral Recycling
