India will work on its new CBDC
Shaktikanta Das, Governor of the Reserve Bank of India, reported that the nation could have its own crypto asset by 2022
The Reserve Bank of India (RBI) will initiate the steps for the design and development of a “sovereign digital asset”. This was reported by the RBI governor, Shaktikanta Das, who admitted that they are expected to carry out the first tests of the project by the end of the year.
“I think by the end of the year we should be ready for that, maybe we would be in a position to start our free trials” and added they are extremely careful about it because “it is a completely new product, not just for RBI, but globally.”
The project aims to evaluate the CBDC in all its areas and especially in the processes related to security, as well as the feasibility, applicability and effects on the internal economic environment of the nation.
The representative of the official financial institution stressed that there is an internal debate in the institution related to the type of book that the new currency should have. They are considering to assume a centralized ledger or just to establish it in the “distributed ledger technology (DLT)”, which would allow greater participation in the system, but regardless of the decision made, the RBI will reserve absolute guardianship of the currency.
As you will recall, the government of India has taken a stance against Bitcoin and other cryptocurrencies, requesting, more than once their ban in the country. However, the government’s new strategy will be to evaluate, in the remainder of the year, the “media impact” of the new currency and its positioning in relation to other digital assets.
During 2021 the investment made in the cryptocurrency market in India increased “200 times more” compared to 2020, standing out as one of the countries with the largest number of crypto investors, located at approximately 15 million.
M. Rodríguez
Source: cripto247.com
