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India Should Adopt Basic Model For Central Bank Digital Currency: RBI
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ndtv.comRBI has said that a basic model for central bank digital currency should be adopted initially
Reserve Bank of India (RBI) has said that the country needs to initially adopt a basic model of central bank digital currency (CBDC) and use the payment system architecture as a backbone to make a state-of-the-art system.
In its basic form, a CBDC provides a safe, robust, and convenient alternative to physical cash. Depending on various design choices, it can also assume the complex form of a financial instrument.
"Given its dynamic impact on macroeconomic policy making, it is necessary to adopt basic models initially, and test comprehensively so that they have minimal impact on monetary policy and the banking system. India's progress in payment
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