RBI is about to conduct pilot testing for its digital currency, know the latest updates about government cryptocurrencies

The Reserve Bank of India is considering the possibility of using the digital currency for retail and wholesale payments.

Very soon work will be done on pilot testing.

RBI digital currency: Reserve Bank of India is working fast to launch its digital currency. On one hand he is opposing private cryptocurrencies, on the other hand work is going on on CBDC i.e. Central Bank Digital Currency. Deputy Governor T Ravi Shankar said that the central bank is working in this direction in a phase-wise manner. Pilot testing can be done very soon for its use in the retail and wholesale segment.

The Reserve Bank of India is considering the possibility of using the digital currency for retail and wholesale payments. Should it work on Centralized Ledger or should it work on Distributed Ledger Technology. The possibility is also being explored that it would be appropriate to use different technologies for different tasks or that all the works based on the same technology will be done.

digital form of current currency

The digital currency of the Central Bank i.e. CBDC will be a digital form of rupee in a way. Where you use the currency of the note, it can also be used there. However, CBDC will not be like cryptocurrency. Its price will not fluctuate depending on the demand in the market.

Also assessing the impact on the financial system

Along with the potential of digital currency, he is also seriously considering the impact of digital currency on the financial system. As we know RBI wants to ban private cryptocurrencies. He has told the government several times that private cryptocurrencies are not good for the financial system of the country. However, the government seems to be working towards regulating the private currency.

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