{"id":11425,"date":"2021-08-28T10:25:46","date_gmt":"2021-08-28T10:25:46","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/?p=11425"},"modified":"2021-08-28T10:25:46","modified_gmt":"2021-08-28T10:25:46","slug":"by-december-india-could-start-digital-rupee-trials-says-the-governor-of-the-central-bank-3","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/by-december-india-could-start-digital-rupee-trials-says-the-governor-of-the-central-bank-3\/","title":{"rendered":"By December, India Could Start Digital Rupee Trials, Says The Governor Of The Central Bank"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Central Bank Governor Shaktikanta Das told CNBC that the Reserve Bank of India may launch its first digital currency trial programs by December.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">According to Das, the RBI is researching various aspects of digital currency, such as its security, impact on India&#8217;s financial sector, and how it would affect monetary policy and currency in circulation.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Following a decline in cash usage and increased interest in cryptocurrencies such as <a href=\"https:\/\/www.buyucoin.com\/bitcoin-price-india-btc-inr\">Bitcoin<\/a>, central banks have increased their research into digital currencies over the last year.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Governor Shaktikanta Das told CNBC that the Reserve Bank of India may launch its first digital currency trial programs\u00a0 by December.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Central banks in China, Europe, and the United Kingdom are examining the possibility of issuing digital currencies to commercial lenders or the general public.<\/span><\/p>\n<p><span style=\"font-weight: 400\">They&#8217;re known as central bank digital currencies, or CBDCs, and they&#8217;re essentially the online versions of their respective fiat currencies. That would be the digital rupee in India&#8217;s scenario.<\/span><\/p>\n<p><span style=\"font-weight: 400\">In a pre-recorded interview with CNBC&#8217;s Tanvir Gill on Thursday, Das said, &#8220;We&#8217;re being extremely cautious about it because it&#8217;s a brand new product, not just for RBI, but globally.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to the governor, the RBI is looking into many aspects of a digital currency, including its security, influence on India&#8217;s financial industry, and how it would affect monetary policy and cash in circulation.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Das went on to say that the central bank is weighing the pros and cons of using a centralized ledger for digital money against using so-called distributed ledger technology (DLT).<\/span><\/p>\n<p><span style=\"font-weight: 400\">A distributed ledger technology (DLT) is a digital database that allows numerous users to access, share, and record transactions at the same time. The database is owned and administered by a single entity \u2014 in this case, A bank \u2014 in a centralized ledger.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u201cI think by the end of the year, we should be able to \u2014 we would be in a position, perhaps \u2014 to start our first trials,\u201d Das told CNBC.<\/span><\/p>\n<p><span style=\"font-weight: 400\">T Rabi Shankar, his deputy, stated last month that the central bank was working on a &#8220;phased implementation approach&#8221; for a digital currency.<\/span><\/p>\n<h3><b>Growing interest from central banks<\/b><\/h3>\n<p><span style=\"font-weight: 400\">Following a drop in cash usage and increased interest in cryptocurrencies such as <a href=\"https:\/\/www.buyucoin.com\/bitcoin-price-india-btc-inr\">Bitcoin<\/a>, central banks have increased their efforts to investigate digital currencies in the last year.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The People&#8217;s Bank of China (PBOC) is leading the charge, with real-world testing currently underway in a number of cities. A digital euro and a U.K. CBDC are also being considered by the European Central Bank and the Bank of England, respectively.<\/span><\/p>\n<p><span style=\"font-weight: 400\">CBDCs are distinct from cryptocurrencies in various respects. For starters, they would be fully regulated and controlled by a central authority, most likely the central banks.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Second, rather than being a tradable asset with wildly shifting prices, central bank digital currencies would function more like their fiat equivalents and be widely accepted.<\/span><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/08\/27\/india-central-bank-rbi-digital-rupee-trials-could-begin-by-december.html\">CBNC<\/a><\/p>\n<p><a href=\"https:\/\/www.buyucoin.com\/crypto-labs\/the-midas-touch-director-sets-a-bitcoin-target-of-100000-or-higher\/\">The Midas Touch Director Sets a Bitcoin Target of $100,000 or Higher\u00a0<\/a><\/p>\n<div id='gallery-1' class='gallery galleryid-11425 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.buyucoin.com\/crypto-labs\/the-president-of-brazils-central-bank-endorses-crypto-regulation\/photo-1627454822466-0b05090cb737\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.buyucoin.com\/crypto-labs\/wp-content\/uploads\/2021\/08\/photo-1627454822466-0b05090cb737-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Brazil&#039;s Central Bank\" aria-describedby=\"gallery-1-11264\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-11264'>\n\t\t\t\tBrazil&#8217;s central bank\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/www.buyucoin.com\/crypto-labs\/facebook-crypto-wallet-this-year-the-social-media-plans-to-launch-a-digital-wallet\/crypto-labs-27-08-2021-milestone-188-billion-in-bitcoin-value-moves-across-network\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.buyucoin.com\/crypto-labs\/wp-content\/uploads\/2021\/08\/crypto-labs-27-08-2021-Milestone-188-Billion-In-Bitcoin-Value-Moves-Across-Network-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"Bitcoin Value Moves\" aria-describedby=\"gallery-1-11401\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-11401'>\n\t\t\t\tBitcoin Value Moves\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item'>\n\t\t\t<div class='gallery-icon portrait'>\n\t\t\t\t<a href='https:\/\/www.buyucoin.com\/crypto-labs\/there-are-three-reasons-why-the-price-of-xrp-could-double-in-a-few-of-days\/photo-1621504450181-5d356f61d307\/'><img loading=\"lazy\" decoding=\"async\" width=\"150\" height=\"150\" src=\"https:\/\/www.buyucoin.com\/crypto-labs\/wp-content\/uploads\/2021\/08\/photo-1621504450181-5d356f61d307-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"The price of XRP\" aria-describedby=\"gallery-1-11367\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='gallery-1-11367'>\n\t\t\t\tThe price of XRP\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>Central Bank Governor Shaktikanta Das told CNBC that the Reserve Bank of India may launch its first digital currency trial programs by December. According to Das, the RBI is researching various aspects of digital currency, such as its security, impact on India&#8217;s financial sector, and how it would affect monetary policy and currency in circulation.&hellip;<\/p>\n","protected":false},"author":11,"featured_media":11426,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[1388,1389,500,1387],"class_list":["post-11425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-central-bank","tag-cnbc","tag-digital-currency","tag-governor-of-the-central-bank"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11425"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11425"}],"version-history":[{"count":1,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11425\/revisions"}],"predecessor-version":[{"id":11427,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11425\/revisions\/11427"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11426"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}