2 years ago
Are cryptocurrencies the future of money or just fringe players?
The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 is among the list of bills to be presented in this Parliament session. While its contents are unknown, it touches upon two things:
1. Initiating laws to make it easier for RBI to create its own CBDC (central bank digital currency)
2. Banning 'private crypto assets' with some exceptions We laud the government's intent towards creating a CBDC. Several central banks around the world have been working on CBDC, and India can't be sitting on the sidelines while other countries experiment and launch their own digital currency. CBDC will reduce the cost of providing financial services and lead to greater innovations that will empower faster business operations globally.