The Reserve Bank of India has issued an important statement on digital currency. Deputy Governor of the Reserve Bank d. Speaking at an event here on Sunday, Ravi Shankar said the Reserve Bank was working on a strategy to introduce its own digital currency as a phase. “We have started the process of introducing digital currency for wholesale and retail sales on a trial basis from the central bank,” Ravi Shankar said. Central banks in many countries of the world are working in this direction.
Ravi Shankar added that under the CPTC, many consumers need to be protected from the awkward situation caused by the fluctuation of the digital currency and the lack of any government guarantee for the current digital currency. Therefore, the central banks of many countries are exploring the possibility of CPTC. A high-level Cabinet Committee appointed by the Ministry of Finance examines the policy and legal framework. He was the one who suggested the introduction of digital currency to the CPTC.
This will require changes in the law. According to the Reserve Bank of India Act, the current arrangement is based on the nature of the currency. Coins, the Foreign Exchange Management Act and its amendment. The name of the digital currency Digital central bank currency and the country of issue of the central bank requires government approval. When we talk about India, we can call it the digital rupee. Digital currencies come in two forms. Retail and wholesale Retail can be used by the general public and companies, while wholesalers can be used by financial institutions.