Central Bank Digital currency, known as National digital currency, is the digital form of a country’s fiat currency. A high-level inter-ministerial committee of the Finance Ministry had recommended Central Bank Digital Currency for India with changes in the legal framework including the RBI Act, which currently empowers the central bank to regulate issuance of bank notes.
According to reports, value of digital payments in India will grow three-fold to touch $1 trillion by financial year 2026 compared to $300 billion in financial year 2021. Though India is a leader in digital payments, but cash remains dominant for small-value transactions due to ....
