KANALCOIN NEWS – The Reserve Bank of India or the Central Bank of India said that they are starting to open up opportunities to create digital currency. However, the Central Bank of India claims that there are still doubts on the part of the government and regulators regarding cryptocurrencies.
A year ago, India’s Supreme Court overturned a ban on the Central Bank of India wishing to enter the world of cryptocurrencies. Since then, the Central Bank of India’s stance on cryptocurrencies has looked a bit more bullish.
Based on a booklet on payments issued directly by the Central Bank of India on Monday (25/1/2021) local time, the Central Bank of India said that they are starting to explore establishing a digital version of fiat currency.
That means the Central Bank of India is starting to consider making the Rupee currency in digital form. In addition, the Central Bank of India also said that the bank could find ways to use digital currency, if there is a need that drives this decision one day.
Still in the booklet of the Central Bank of India as reported by Kanalcoin.com from Cointelegraph, the Central Bank of India has acknowledged the popularity of crypto currency which is currently booming around the world. However, the Central Bank of India said that the government and regulators in India were still too skeptical and worried about the Central Bank of India’s decision to enter the cryptocurrency industry..
The Central Bank of India said that digital currency could become legal tender in India one day. However, the Central Bank of India is also considering digital responsibilities that need to be carried out by banks.
Previously, the Government of India was known as a party against the existence of cryptocurrencies. In fact, India’s Supreme Court once banned the use of cryptocurrency in its entirety in all parts of the country in April 2018.
However, India’s Supreme Court finally lifted the ban in March 2020. After the ban was lifted, the number of exchanges and transactions using cryptocurrencies began to increase in India.
In addition, several large banks developing digital currencies have started to do and continue the adoption of cryptocurrencies in India and beyond. In fact, the Central Bank of India reports that there has been an exponential growth in digital payments in India since the ban on cryptocurrencies was lifted.
The increase in digital transactions in India alone for volume and value reached 12.5 percent and 43 percent respectively since 2011. Banks of India are also planning to expand cryptocurrency adoption across multiple fronts targeting the tech-savvy generation. The technology literate generation in question is the generation born between 1982 and 2004.
Nevertheless, there are still many people who are still unsure and worried about the development of the cryptocurrency industry in India. This is because there are no regulations that protect and guarantee cryptocurrencies in India.