Is RBI Considering Digital Money As New Payment Method?

Digital money has started gaining momentum despite facing a ban from the Reserve Bank of India. The central bank of India enforced a ban on the transaction of crypto coins to curb the inflow of black money in the mainstream market. However, after the fierce battle RBI has set out to form a digital currency which is going to be used for payments in the country.

The annual bank report of 2017-2018 published recently revealed that a committee of members from various departments has been created to explore the potential of blockchain-based digital money in Indian payment system. The decision came into the effect after finding it necessary due to exceptional global changes in payment systems lately. This has been happening due to emerging private crypto tokens in the international market and increasing cost of metallic money/fiat paper. All such factors have contributed to the need for a new innovative idea which perhaps is cryptocurrency. (Via ZY Crypto)

RBI Now Ready To Implement Cryptocurrency & Blockchain

Earlier this year RBI shocked everyone by imposing a sudden ban on the cryptocurrency trade warning all the financial institutions to prohibit digital money transaction. After gaining huge profits from the crypto trade in December last year there was a sudden crash in the market with a significant downfall of the crypto-coin prices especially Bitcoin. However, RBI now seems largely interested in the operating platform of digital money that is blockchain and is looking forward to implementing it in the upcoming days.

The RBI Institute for Development & Research in Banking Technology (IDRBT) has been working on the plan of this implementation backed with a detailed research on how to use blockchain as the fundamental backing for digital money. The findings of their extensive study have confirmed that the maturity of decentralization and its potential to support digitized INR relates very well. However, a final word is yet to be unveiled officially about the beginning of crypto coins in the Indian market.

 

 

 

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