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.



Like this

loading...
loading...

Latest


15 September 2017
Senators forward Clarke MacArthur fails physical
He seriously contemplated retirement before finally receiving the go-ahead to return in the final week of the regular season. Insurance would cover 80% of the salary, meaning the Senators would have the salary room to replace him with another player.

15 September 2017
'Bullet train not common man's dream'
Japan was going to fund 80% of the project through a soft loan of Rs79000 crore at an interest rate of 0.1%. We do not know exactly which problem will this solve. "Bullet Train is not India's ordinary masses" dream.

15 September 2017
United States stocks close at records after marginal gains
Investors seemed concerned about the prices of the new devices - ranging from $800 to more than $1,000. American benchmark West Texas Intermediate was at $49.39 - a 2.3 percent increase.

15 September 2017
Governor Greitens activates Missouri National Guard ahead of Stockley verdict
Stockley, who is white, fatally shot Anthony Lamar Smith, who is black, after a police chase on December 20, 2011. He claimed during last month's trial that he saw Smith with a gun and feared for his life.

15 September 2017
No Angel: Astros' Fiers banned 5 games for retaliating vs LA
Fiers is not appealing his suspension, McTaggart notes , so his suspension will begin tonight. Valbuena was a part of that beatdown, hammering a two-run home run in the first inning.

15 September 2017
IPhone 8, iPhone 8 Plus Battery Sizes Actually Smaller Than iPhone 7's
You will need to buy both a Lightning-to-USB-C cable as well as a USB-C Power Delivery-compatible charger to enjoy fast charging. The iPhone 8 and iPhone 8 Plus will be available from 22 September, priced from £699 and £799 respectively.

15 September 2017
Llorente explains why he chose Tottenham over Chelsea
Llorente was courted by Chelsea throughout the summer after nearly joining the Blues in the last winter transfer window. The Spain worldwide also played a key role in helping Swansea avoid relegation from the Premier League last season.

15 September 2017
Nordstrom, Inc. (NYSE:JWN) Sees Price Increase - Up $2.56
Nordstrom is an inspired choice for value investors, as it is hard to beat its incredible lineup of statistics on this front. Since April 3, 2017, it had 0 insider buys, and 1 sale for $348,940 activity. ( NYSE JWN ) opened at 47.74 on Thursday.

15 September 2017
Today's weather, September 14: A few clouds and chance for showers
Friday night , there is a 20 percent chance of showers and thunderstorms after 1 a.m., according to the weather service. The chance of precipitation is about 20 percent "before improving weather arrives for the weekend", the service said.

15 September 2017
Latest poll: Labour + Greens have the numbers
The poll , conducted from Saturday to today, had Labour on 44 percent, up one point, with National on 40 percent, also up a point. The Māori Party is polling at 1 percent and The Opportunities Party is sitting at 2 percent, up one percentage point.