Central Bank Digital Currency
The Reserve Bank of India (RBI) has proposed bringing in Central Bank Digital Currency (CBDC). The digital monetary asset would be implemented phase-wise.
- A high-level inter-ministerial committee under SC Garg set up by the Finance Ministry had recommended Central Bank Digital Currency (CBDC) with changes in the legal framework including the RBI Act, which currently empowers the RBI to regulate issuance of bank notes.
Need
- Online Transactions: India is a leader in digital payments, but cash remains dominant for small-value transactions.
- High Currency in Circulation: India has a fairly high currency-to-GDP ratio.
- Cost of Currency Management: An official digital currency would reduce the ....
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