Economy

RBI explores fiat cryptocurrency - an alternative to Indian rupee

RBI explores fiat cryptocurrency - an alternative to Indian rupee”

India's central bank has revealed research into cryptocurrencies as it looks toward a digital alternative to the fiat rupee in the future.

The Reserve Bank of India is now exploring the possibility of issuing fiat cryptocurrency, executive director Sudarshan Sen said recently while addressing the India Fintech Day conference.

As CCN reported in January this year, a whitepaper published by the research arm of the Reserve Bank of India (RBI), India's central bank, determined that blockchain technology had "matured enough" to support the digitization of the Indian rupee, the country's fiat currency.

"We are not comfortable with non-fiat cryptocurrencies. like bitcoins". In addition, the speculation of renowned Economics professors, like Robert Shiller about the eventual burst of the "bitcoin" bubble, may hinder the development of digital cryptocurrencies in countries like India. "We are looking at that closely".

According to a PTI report, Reserve Bank had flagged possible "black money" risks from virtual currencies like bitcoins, to a parliamentary panel that they are "susceptible to misuse" by terrorists and fraudsters for laundering money.

As such, any user, holder, investor, trader, etc. dealing with VCs will be doing at their own risk, the RBI informed the parliamentary standing committee on finance.

Sen added that the RBI had a team of experts working on the central bank's own version of cryptocurrencies.



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