Search
RBI may Issue its Own “Digital Currency”
April 11, 2018
According to a report, the central bank RBI is entertaining the idea of issuing its own virtual currency akin to other blockchain-based digital currencies such as Bitcoin, Litecoin, etc.
An interdepartmental group has been set up which will analyze the feasibility of a “central digital currency” and submit a report by the end of June.
Deputy Governor B P Kanungo said that although RBI is critical of virtual currencies like Bitcoin, it supports blockchain technology.
With a central digital currency, RBI will be able to bring down the costs of printing and circulating paper-based currency, he said.
