rbi concept note on cbdc

RBI concept note on CBDC has been shared here. On Friday, 7th October 2022, RBI has issued a concept note on Digital Rupee.

rbi concept note on cbdc

In the past the central bank digital currency (CBDC) has been working on a Digital Currency fame work. E Rupee pilot project is going to be start soon said Central Bank of India. The reason behind this pilot project is to test some specific uses of digital rupee. Yogesh Dayal is the RBI chief general manager and a concept note has been prepared by RBI chief general manager.  Yogesh Dayal said as the scope of pilot project expands the RBI will continue to inform people about specific features and benefits of digital rupee.

During the union budget of this year an official announcement regarding digital currency has been made. This financial year RBI is going to introduce “Central Bank Digital Currency”  (CBDC) using blockchain and blockchain based technologies. This is really a milestone step in the world of digital currency by RBI. After bringing cryptocurrency under the ambit of taxation RBI will offer an option in the world of cryptocurrency. 

Should I invest in cryptocurrency in India in 2022 

If you lives in India and thinking to invest in cryptocurrency in 2022 or 2023 then you should understand few stats before your crypto investment. However, the presence of cryptocurrency is not looking good in India due to the behaviour of Indian government. Earlier Indian government has put a huge 30% tax on any digital asset and they might plan to put GST as well.  while calculating the history India is a country who always offend the culture of Western countries but slowly appreciates and adopts the same. In Indian history first they denied to computers by saying that computer will snatch the jobs and raise the the number of unemployment. Today you can see one computer is giving jobs to more than 3 to 5 peoples. Now almost every people has  their own laptop are willing to purchase a laptop to work from their home.  

Now Government is also appreciating  and promoting the use of computers, laptops. Similarly Indian people and Indian government needs some time to accept digital currencies. While looking closely  this is show me the right time to invest in cryptocurrency is because the rates are are at the lowest point and you don’t have to invest big money.  I recommend you to invest only that money that you used to purchase burger or any type of junk food or which you used to to invest in other waste activities.  

Daksh application launch date

On Thursday 6.10.2022 RBI Governor Shaktikanta Das has launched ‘supertech’ initiative DAKSH. Daksh the banks advance supervisory monetary system expected to further strengthen the supervisory process. 

What is the Daksh application

Daksh application has been launched by RBI. Daksh is end to end work flow application. Through Daksh application RBI will monitor the compliance requirements in a more focused manner with an aim to further improve the compliance culture in supervise entities (SEs) like banks, NBFCs etc. 

faq

What is the full form of CBDC?

Central Bank Digital Currency is the full form of CBDC.

What is CBDC?

CBDC stands for Central bank digital currency and it is a digital form of country’s fiat currency.

CBDC is regulated by whom?

Central Bank digital currency (CBDC) is regulated and issued by the “Nations Monetary Authority of Central Bank”.

Is CBDC issued by Central Bank?

CBDC is a virtual money, backed and issued by Central Bank.

How many types of CBDC are there?

There are two types of CBDC token based and account based.

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