The Reserve Bank of India (RBI) is studying which segment of the economy should use the national digital currency, a digital rupee, and whether it should be decentralized.
Indian pilot project of the national digital currency
The Reserve Bank of India (RBI) will launch a pilot project of the national digital currency (CBDC) in the first quarter of 2022, the Times of India reports, citing P. Vasudevan, general director of the payments and settlements department of the regulator. According to the publication, RBI is now working on various aspects related to the launch of the digital rupee.
“The central bank is checking whether the technology should be decentralized or semi-centralized,” Vasudevan said.
In October 2021, it became known that India plans to abandon the complete ban on cryptocurrencies in favor of their regulation. By February 2022, the government of the country will submit a corresponding bill.
In March 2020, the RBI directive banning reporting entities from providing banking services to cryptocurrency companies was canceled. Due to this rule, which has been in effect since April 2018, local exchanges and startups were forced to close or relocate to another country.
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