{"id":9986,"date":"2021-07-23T11:54:28","date_gmt":"2021-07-23T11:54:28","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/indias-central-bank-rbi-unveils-plan-to-launch-digital-currency-in-phases\/"},"modified":"2021-07-23T11:54:28","modified_gmt":"2021-07-23T11:54:28","slug":"indias-central-bank-rbi-unveils-plan-to-launch-digital-currency-in-phases","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/indias-central-bank-rbi-unveils-plan-to-launch-digital-currency-in-phases\/","title":{"rendered":"India\u2019s Central Bank RBI Unveils Plan to Launch Digital Currency in Phases"},"content":{"rendered":"<p><strong>The deputy governor of the Reserve Bank of India (RBI) has revealed that the central bank is planning to launch a state-backed digital currency in phases so that it would have \u201clittle or no disruption to India\u2019s banking or monetary systems.\u201d<\/strong><\/p>\n<h2>RBI Plans \u2018Phased Implementation\u2019 for Digital Rupee<\/h2>\n<p>RBI Deputy Governor T. Rabi Sankar talked about India\u2019s central bank digital currency (CBDC) at the Vidhi Centre for Legal Policy on Thursday, local media reported.<br \/>\nHe explained that the \u201cRBI has been exploring the pros and cons of introduction of CBDCs since quite some time,\u201d elaborating:<\/p>\n<p>RBI is currently working towards a phased implementation strategy and examining use cases which could be implemented with little or no disruption to India\u2019s banking or monetary systems.<\/p>\n<p>According to the central bank, a CBDC \u201cis the same as a fiat currency and is exchangeable one-to-one with the fiat currency,\u201d Sankar described, adding that \u201cOnly its form is different.\u201d<br \/>\nHe noted that \u201cGenerally, countries have implemented specific-purpose CBDCs in the wholesale and retail segments,\u201d emphasizing that \u201cGoing forward, after studying the impact of these models, launch of general-purpose CBDCs shall be evaluated.\u201d<br \/>\nThe deputy governor further opined, \u201cconducting pilots in wholesale and retail segments may be a possibility in near future.\u201d<\/p>\n<p><!-- growjs zone placement 31 -->   <!-- end of growjs zone placement --> <\/p>\n<p>Deputy Governor Sankar highlighted a few benefits of a central bank-backed digital currency. They include reducing dependency on cash, saving on the cost of money printing, and enhancing settlement mechanisms. Another benefit is the elimination of the \u201ctime zone difference\u201d in foreign exchange transactions, which would result in a cheaper and smoother international settlement system.<br \/>\nHe also clarified that private cryptocurrencies, such as bitcoin, do not fit the RBI\u2019s definition of currency and one of the reasons central banks worldwide, including India, are experimenting with CBDCs is to minimize the risks posed by cryptocurrencies on traditional financial systems.<\/p>\n<p><em><strong>What do you think about the RBI\u2019s plan to launch a digital rupee in phases? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nRegulation, CBDC, central bank digital currency, digital rupee, phased implementation, RBI, rbi deputy governor, rbi digital currency, Shri T. Rabi Sankar<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The deputy governor of the Reserve Bank of India (RBI) has revealed that the central bank is planning to launch a state-backed digital currency in phases so that it would have \u201clittle or no disruption to India\u2019s banking or monetary systems.\u201d RBI Plans \u2018Phased Implementation\u2019 for Digital Rupee RBI Deputy Governor T. Rabi Sankar talked&hellip;<\/p>\n","protected":false},"author":0,"featured_media":9987,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-9986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9986"}],"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"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=9986"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/9986\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/9987"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=9986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=9986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=9986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}