Published on September 13th, 2017 | by bitcoin0
‘Fiat Cryptocurrency’ might be the way to Digitize the Rupee says Indian Central Bank
The Reserve Bank of India (RBI), the country’s central bank, has spoken about its ongoing cryptocurrency research, hinting at its role in a future digital alternative to the rupee.
With the Indian government currently trying to move toward a fully digital economy, it has initiated the flagship Digital India initiative and research programs to drive that process forward.
As reported by CoinDesk, a paper from the RBI’s research institute, published in January, argued that blockchain tech could provide the necessary basis for the digitization of the rupee.
Something that is an alternative to the Indian rupee, so to speak.
However, the bank is less keen on non-central bank cryptocurrencies like bitcoin, with Sen stating that the RBI is “not comfortable” with such “private” cryptocurrencies.