CBDC centralbankdigitalcurrency India digitalrupee India's central bank reveals its plans for a digital rupee
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The report summarized the main motivations for the issuance of a digital rupee, emphasizing its ability to increase trust, safety, and liquidity in financial markets, along with the capacity to offer settlement finality. Public blockchains and the growing popularity of cryptocurrencies were also cited as a reason for the need to create a digital rupee, with the RBI suggesting that “These digital assets undermine India’s financial and macroeconomic stability because of their negative consequences for the financial sector.”
Direct vs. indirect issuance was also explored. Direct issuance would involve the RBI being tasked with managing the entire system to ensure that things run smoothly, while the indirect model would require the use of intermediaries, such as banks and other payment service providers.
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