India studies launching a cryptocurrency backed by rupee
The country has maintained a tough regulation against digital currencies. However, it currently shows openness to the assets through the Reserve Bank
India confirmed its interest in launching a digital currency through the Reserve Bank. The entity created an analysis group to evaluate the feasibility of a central bank cryptocurrency (CBDC) that would be backed by the rupee, the national FIAT currency.
Certainly, still local authorities remain skeptical about digital currency in view of the risks and crimes in transactions with this modality.
However, they are currently evaluating their positive impact and profitability on the payment systems, transfers and the monetary policies of the Asian country.
Another aspect that affects the change of attitude towards cryptocurrencies is the high cost of FIAT money printing, which currently amounts to R $ 6.3 billion (approximately US $ 89 million).
While the special team analyzes the creation of the cryptocurrency, the Reserve Bank maintains the order that prevents banking entities from associating with active crypto services or exchanges. Likewise, any transaction by unauthorized commercial operators or registered in the Stock Exchange is prohibited.
M.Pino
Source: Coincrispy
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