Preparing for CBDC in India!

According to an Indian economics publication, Reserve Bank of India (RBI)is making preparations for the local CBDC.

According to the report, RBI is working on testing a digital currency (CBDC) in the country. RBIconducts consultations on CBDC with major tech companies and local banks across the country.

Central Bank’s US-based financial services firm, excluding local companies RECEIPT It is alleged that he also exchanged views with

The FIS announced on August 25 that it had established a CBDC Laboratory. FIS administrators agree that the main purpose of the project “to establish an environment where the CBDC projects of the central banks of the countries can be tested and tokenized” declared that.

FIS senior director Julia Demidova said in a statement on 2 September:

“Our previous relations with the Central Bank of India still continue. We are also open to cooperation on CBDC.”

The Reserve Bank of India previously announced that the digital currency is planned to be tested in the country in 2022 and 2023.

What is CBDC? What Does It Do?

CBDC, in short, means a state-controlled digital currency. with CBDC cryptocurrenciesare not the same things, albeit digitally in common.

The control and supply of CBDCs is in the hands of the states. Cryptocurrencies, on the other hand, differ from CBDCs in that they are decentralized and their supply is determined from the beginning of the project.

The increase in the popularity of cryptocurrencies around the world prompts states to take action in this area. Cryptocurrencies are a big problem for states due to their uncontrollability. Countries are considering overcoming this problem by issuing their own digital currencies.