The Reserve Bank of India (RBI) is working on a 'phased implementation of a central bank digital currency (CBDC).' crypto cryptocurrency
Reserve Bank of India Is Working on 'Phased Implementation' of Central Bank Digital Currency
India’s central bank, the Reserve Bank of India , is working on a “phased implementation of a central bank digital currency in both wholesale and retail segments.” Necessary amendments have been made to the RBI Act, 1934 to allow the central bank to pilot and issue a digital currency.A Reserve Bank of India official and the minister of state in the Ministry of Finance have independently provided an update on the central bank’s progress in issuing a central bank digital currency .
RBI Executive Director Ajay Kumar Choudhary was quoted by local media as saying during a keynote address at the PICUP Fintech Conference and Awards on Wednesday: RBI is working on phased implementation of a central bank digital currency in both wholesale and retail segments. Pankaj Chaudhary, minister of state in the Ministry of Finance, similarly told Rajya Sabha, the upper house of India’s parliament, Tuesday that the “RBI has started the work for a phased implementation of the announcement made … in the budget speech 2022-23.”the launch of the country’s CBDC in the Union Budget 2022-23. Necessary amendments were subsequently made to the RBI Act, 1934 with the passage of the Finance Bill 2022 to allow the central bank to pilot and issue a CBDC.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Goldman-Backed Digital Bank Starling Reports Its First Annual Profit as Other Fintechs StumbleBritish digital bank Starling reported its debut annual profit Thursday as revenues at the firm almost doubled.
Read more »
Nigerian Lenders Frustrating CBDC's Adoption — Central Bank Governor – Emerging Markets Bitcoin NewsLenders are not prioritizing the promotion of the enaira because they fear this could deprive them of income earned from regular banking services. digitalcurrency cbn
Read more »
Do I have a right to see my deceased mom’s bank statements?Executors need to give an accounting of the estate.
Read more »
Bank of America selects two Tucson students for leadership programBank of America selected two Tucson students for its Student Leaders program. The program provides high school students with a paid internship alongside a week-long virtual leadership summit.
Read more »
'Singapore-based' Crypto Firms Leading Market Meltdown Were Not Regulated, Central Bank Chief Says'In reality, these so-called 'Singapore-based' crypto firms have little to do with crypto-related regulation in Singapore,' MAS_sg Chief Ravi Menon said of why 3AC, Terra_money and VauldOfficial aren't overseen by his agency. By iamsandali
Read more »