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RBI Wants Digital Currency Included Under Definition Of 'Bank Note', Proposes Amendment To Law
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ndtv.comCBDCs -- digital or virtual currency -- are basically the digital version of fiat currencies.
New Delhi: The government on Monday said that it has received a proposal from the Reserve Bank of India (RBI) to include digital currency under the definition of a 'bank note'. In October, the RBI had introduced the proposal of Central Bank Digital Currency (CBDC).
CBDCs -- digital or virtual currency -- are basically the digital version of fiat currencies, for instance, rupee in India.
The Ministry of Finance, in a written reply in Lok Sabha, stated, "Introduction of CBDC has the potential to provide significant benefits, such as reduced dependency on cash, higher seigniorage due to lower transaction costs, reduced settlement risk."
It would also
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