Indian leap into Digital Currency
Trend or the catch-up Indian currency need for introduction into the game of science & technology.
India’s stance on the introduction of an official digital currency has consistently been in discussion over its legalities & complexities in safeguarding information. Recently, through inter-ministerial recommendations, the Reserve Bank of India has indicated the desire to launch pilot projects. It will give context to viability & challenges in making this a reality.
Deputy Governor, RBI, T. Ravi Sankar was heard stating “ RBI is currently working towards phased implementation strategy & examining use cases which can be implemented with little or no disruptions.”
The announcement is aligned with the Regulation of Digital Currency Bill, 2021 which is to see light soon in the coming future.
The trend & interests in CryptoCurrency has shot good records in recent years, since the skyrocketing prices of Bitcoin the investors are fascinated to take a dip in the bulging market of cryptos. 2021’s BIS Survey of central banks have stated some supportive numbers i.e., 86% of banks are actively researching the potential of digital currencies, 60% are experimenting with the technology and 14% are deploying pilot projects. These are crucial figures which will boost the interest among users to see crypto as a better prospect for investment with very high to low-risk factors.
Many countries have accepted the implementation of cryptocurrency as trades, swaps & investments, the crucial factors for India would be to facades of distribution, the anonymity of issuance, or the risk of technology. While there are various models that can come in handy for its phased implementation. The working behind crypto from the existing market can be studied, analyzed, copied & modified for structural set-up.
The major challenges would lie in defining the laws governing the use of Indian digital currency.
