ANI
29 May 2022, 01:18 GMT+10
Mumbai (Maharashtra) [India], May 28 (ANI): The Reserve Bank of India (RBI) proposes to adopt a graded approach for the introduction of digital currency in the country, according to the RBI's annual report for FY 2021-22.
The Reserve Bank is engaged in the introduction of a central bank digital currency (CBDC) in India. The design of CBDC needs to be in conformity with the stated objectives of monetary policy, financial stability, and efficient operations of currency and payment systems, the report noted.
"The Reserve Bank proposes to adopt a graded approach to the introduction of CBDC, going step by step through stages of Proof of Concept, pilots and the launch," the report said.
Reacting on the report, BJD National Spokesperson and Rajya Sabha MP Amar Patnaik said, the government should adopt the graded approach even in the case of private crypto space.
"With regard to a graded approach, I said exactly this about six months ago. @RBI should have activated its regulatory sandbox at least two years agoworked on this instead of espousing a ban. Even in the private crypto space, Govt should follow this approach," Patnaik said in a tweet.
In the annual report, the RBI said it has been exploring the pros and cons of the introduction of CBDC in India.
The design of CBDC needs to be in conformity with the stated objectives of monetary policy, financial stability and efficient operations of currency and payment systems. Accordingly, the appropriate design elements of CBDCs that could be implemented with little or no disruption are under examination.
The introduction of CBDC was announced in the Union Budget 2022-23 and an appropriate amendment to the RBI Act, 1934 has been included in the Finance Bill, 2022. The Finance Bill, 2022 has been enacted, providing a legal framework for the launch of CBDC. (ANI)
Get a daily dose of Breaking Property News news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Breaking Property News.
More InformationDUBLIN, Ireland: The government of Ireland is preparing a new law to prevent foreign investments in critical technology and infrastructure ...
TOKYO, Japan: Amidst semiconductor shortages and COVID-19 parts supply disruptions, Toyota has reduced its July global production target by 50,000 ...
MOSCOW, Russia: Russia's consumer price index has fallen by 0.12 percent for the third consecutive week.This drop in the consumer ...
LONDON, England: Surging food prices in the UK pushed consumer price inflation to 9.1 percent last month, a 40-year record ...
CLEVELAND, Ohio: It will take two years for U.S. inflation to fall to the central bank's 2 percent target, Cleveland ...
NEW DELHI, India: The European Union and India have relaunched talks to implement a free trade agreement, aimed to be ...
DUBLIN, Ireland: The average price of newly purchased homes in Ireland has risen 11 percent in the past year, with ...
WASHINGTON D.C.: As average home prices surged to a record high, reaching the $400,000 mark for the first time, and ...
HONG KONG: To cope with the weakening property market, developers in China are coming up with innovative ways to attract ...
DUBLIN, Ireland - An office building in the middle of Dublin city's Docklands has been picked as the 2022 RIAI ...
New Delhi [India], June 25 (ANI): Amit Jain, group CEO of Dubai-based real estate developer Emaar Properties, was briefly detained ...
HARARE, June 23 (Xinhua) -- Zimbabwean President Emmerson Mnangagwa commended Chinese companies Thursday for their investment in the southern African ...