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Home Economy

Central bank digital currency (CBDC)

July 26, 2021
in Economy
Reading Time: 2 mins read
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Central bank digital currency (CBDC)
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In news- The Reserve Bank of India (RBI) has proposed bringing in Central Bank Digital Currency (CBDC). The digital monetary asset would be implemented phase-wise.

Key updates-

  • A CBDC is essentially a legal tender issued by the central bank.
  • It has the same functional capabilities as a fiat currency and is considered exchangeable in nature with said fiat currency in a one-to-one form. 
  • The only notable difference is the form it takes, i.e., a digital form. 
  • While it is a digital currency, it is important to differentiate it from existing private digital currencies such as Bitcoin and Ethereum. 
  • Private crypto assets such as those have no legal issuers and they cannot be considered as money or currency, whereas the CBDC can be.
  • The CBDC minimizes the risks as it is not subject to the volatility of the market’s fluctuations.
  • RBI is framing considerations for the legal framework to be put into place so that the CBDC can coexist with cash and digital payment methods in India.
  • This form of currency ends up on the RBI’s balance sheet as a currency in circulation.
  • Amendments to Sections 24, 25 and 26 of the RBI Act as well as to the Coinage Act of 2011 needs to be done. 
  • Additionally, changes would be required to the Foreign Exchange Management Act and the Information and Technology Act.
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Source: The Hindu
Tags: News PaperPrelims

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