India's Reserve Bank outlines CBDC plans for Digital Rupee

TITLE By CryptoGurukul 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.

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The RBI released a 51-page note on the features of its in-development of CBDC.

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This document highlights what essential factors led to the issuance of an Indian CBDC.

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The primary driver for the issuance of a CBDC in India is significantly reducing the costs associated with managing physical cash in the country.

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CBDC will improve foreign payments as well as faster settlements.

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With the help of CBDC, users can make payments on the go without having to go online.

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The Indian central bank also emphasizes how their CBDC should complement traditional currencies and provide more options to users in terms of digital payments.

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