India is working on a digital currency for payments

India is working on a digital currency for payments

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Answer India is working on a digital currency for payments

India joined the list of countries looking for ways to use digital currencies, and announced that it was looking to create a digital currency that would be the digital equivalent of the Indian rupee.

The Reserve Bank of India has set up a joint group of departments to research ways to use a blockchain-based digital currency for use in domestic payments within India.

The financial regulator in India cited rapid changes in the global payments industry, as well as rising costs of managing securities and cash, as factors to researching the creation of a new digital currency.

Some reports indicated that the Reserve Bank of India set up a new internal department more than a month ago to research blockchain technology and cryptocurrencies, and will also take care of drafting regulations for the uses of other cryptocurrencies such as Bitcoin.

Read:Bitcoin hits new peak in 2019 and records trading volume

These developments come at a time when Venezuela announced its first digital currency, “Petro”, and the currency sparked controversy, as Venezuelan President Nicolas Maduro claims that it is backed by the country’s oil reserves. In addition to the announcement of the State of Iran also that it is looking for the possibility of creating its own digital currency to overcome the international financial embargo.

On the contrary, we find a number of countries that are looking for the possibility of creating their own digital currency to develop businesses and facilitate procedures for individuals, such as Singapore, Thailand, China, South Africa and now India.

As early as 2017, the Reserve Bank Institute for Development and Research published a detailed working paper on blockchain technology and its potential as an infrastructure for converting the country’s currency, and indicated that blockchain technology has matured enough to be the primary driver in the digitization of the Indian rupee.

Read:Why did $9 billion of Bitcoin move in an hour?

Note that the Executive Director of the Reserve Bank of India had previously stated in late 2017 that he was looking into the idea of ​​creating a digital currency that would be called “Lakshmi Coin”, which was named after the Hindu god of wealth and prosperity.

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