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CBDC's Simple Version is Recommended by India's Central Bank

Central bank digital currency (CBDC) is an easy and convenient way to replace paper money that is safe, secure, and reliable. Some of the advantages it has over other forms of money include liquidity, scalability, acceptance, anonymity, and speed of settlement. According to the RBI's initial suggestions, "employ simple models initially and test extensively so that they have limited influence on monetary policy and the financial system".

The Reserve Bank of India's (RBI) Deputy Governor stated that "two versions of CBDC are in the works," referring to the wholesale and retail distribution of the currency. After the 2021 budget session concludes in April, it seems unlikely that India's draft cryptocurrency laws would become law. After initially intending to restrict "all private cryptocurrencies" but still "allowing for specific exclusions to promote [the technology]", the Indian government has apparently changed its mind and will now allow cryptocurrency as an asset but not payment.

 

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