India's Reserve Bank outlines CBDC plans for Digital Rupee
October 08, 2022
Reserve Bank of India has outlined the advantages and disadvantages of a digital rupee as they continue to explore the coin project CDBC.
The RBI released a 51-page note on the features of its in-development of CBDC
This document highlights what essential factors led to the issuance of an Indian CBDC.
The primary driver for the issuance of a CBDC in India is significantly reducing the costs associated with managing physical cash in the country.
CBDC will improve foreign payments as well as faster settlements.
With the help of CBDC, users can make payments on the go without having to go online.
The Indian central bank also emphasizes how their CBDC should complement traditional currencies and provide more options to users in terms of digital payments.
To read more interesting stories click the link below.