The Reserve Bank of India may develop its two centralized sovereign digital currencies, to step up with the modern payment system.
The Reserve Bank of India (RBI) is the central bank authority of India, which keeps control of all banking institutions regarding their financial activities. At the early beginning of this year, the government of India approved regulatory approval for the RBI to work on blockchain technology-based centralized currency.
According to reports, the Reserve Bank of India will develop two different Central Bank Digital Currencies (CBDC), one for banking institutions and the other for retail users.
However, insider information about the ongoing development works by the RBI are trying to confirm that the Indian CBDC, or says Digital Rupee, will be introduced by RBI in 2023 but only a few reports have covered that India will introduce its two different CBDCs.
Few reports claimed that Indian Central Bank Agency studied the blockchain technology deeply and they found that Blockchain technology could be a better option but some independent features for the CBDC users may lead to some problems for the central body and vice versa, so this was the possible reason to bring the concept of two different CBDCs.
Indian population toward crypto investment
According to the research & study on the interest of the world population in the crypto industry, India is currently standing at second rank which is itself a very big thing for this innovative market. This significant degree of inclination toward the crypto industry is a hint that Indian government agencies will take a huge time to bring a highly restricted crypto regulatory framework to prohibit illegal activities and bad actors from this industry.
Reportedly crypto bill of India is under the redevelopment phase and no formal & exact date of introduction is indeed a clear hint that India will take around a year or more to bring its crypto bill.