India is considering a phased roll-out of a central bank digital currency
Reserve Bank of Indiaon Thursday said it is considering a "phased" rollout of a central bank digital currency.
- Deputy Governor T. Rabi Sankar said a
CBDCwill protect citizens from the volatility of cryptocurrencies, Bloomberg reported.
- But Sankar added that a launch will need to overcome some legal hurdles first.
The Reserve Bank of India on Thursday said it is considering a "phased" rollout of a central bank digital currency.Deputy Governor T. Rabi Sankar during a speech said politicians are eyeing a CBDC to protect citizens from the volatility of cryptocurrencies, Bloomberg first reported.
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A CBDC is a type of central bank liability issued in digital form, which could be used by the general public.Sankar added that an introduction of a CBDC will need to overcome some legal hurdles in foreign exchange rules and information-technology laws.
In the US, Federal Reserve
The statement from the Indian deputy governor follows the European Commission's proposal to ban anonymous cryptocurrency transactions as the bloc seeks to clamp down on money laundering and terrorism financing.
The Indian government, for its part, has been eyeing cryptocurrency regulation for some time in a bid to prevent terrorism financing and money laundering. A CBDC will remove a certain level of anonymity cryptocurrencies ar known for.
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