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India's rupee in digital form, paperless currency backed by RBI
Posted
November 29, 2021
Views
515
Likes
17
Engagement
3.30%
November 29, 2021
515
17
3.30%
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25:16Now PlayingSoon, cash and coins might get a third player, not physical but digital. It will have the full Reserve Bank of India (RBI) backing. Cryptocurrencies are not regulated by the RBI or simply bound by no regulations, hence they lack any legal backing. If tomorrow cryptocurrencies crash, then the government or RBI can not do much about it because it can't do anything to bring the money back and this probably gave the RBI the idea that people are open to the idea of digital currency which is official and regulated by the RBI. Today, officially, the Ministry of Finance has informed Parliament that RBI in the month of October has actually sent a proposal for the amendment of the RBI Act, 1934.
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