Yesterday, the Reserve Bank of India published a booklet about its payment systems’ progress in the last ten years. The document confirms that it’s exploring a central bank digital currency (CBDC).
“RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it,” it says. It also expressed skepticism about cryptocurrencies and private digital currencies.
In December 2019, the National Institute for Smart Government (NISG) published a draft of India’s National Strategy on Blockchain. It proposed a Central Bank Digital Rupee (CBDR) on a public permissioned blockchain. For the national blockchain, it suggested using an enterprise blockchain or private version of Ethereum or Hedera Hashgraph where government departments and industry associations run the validator nodes.
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