Claim BonusRBI Deputy Governor Says Indian Central Bank To Reveal Its CBDC Decision Soon
Amid all the frenzy currently going around India’s crypto ban, we have a fresh update from the deputy governor of the Indian central bank. B.P. Kanungo, the deputy governor of the Reserve Bank of India said that the central bank is closely following the development model for the central bank digital currency (CBDC).
The RBI is currently following up with how major economies worldwide and their respective central banks are working around the CBDC projects. The deputy governor added that the central bank will soon come out with its decision on its intent around an official digital currency. The Indian government and central banks have been more or less skeptical of private cryptocurrencies like Bitcoin.
The deputy governor of RBI stated that the monetary policy committee has been working around digital currency for quite some time. He added:
“We had a committee that is still on the drawing board. In fact, an internal committee is taking a close look to decide on the model of the central bank digital currency and you will hear from the Reserve Bank very soon in the matter”.
India’s Flip-Flop With Cryptocurrencies, But Investors Show Interest
Crypto developments in India have been going at a pretty slow rate over the last few years. Back in 2018, the Reserve Bank of India (RBI) banned all nationalized banks from doing business with crypto exchange. Well, it led to a massive liquidity crunch leaving a massive dip in the investor base. Many crypto exchanges were forced to go out out of business.
However, since the decision for crypto usage was on a hiatus for a long, the Supreme Court of India passed a ruling lifting RBI’s ban. A fresh wave on Indian investors has struck back and the retail interest has been picking up fast. Also, there seems to be some optimism around the announcement of a central bank digital currency. As reported by local news publication Financial Express, last Friday, Governor Shaktikanta Das said:
“With regard to digital currency, I think we have already released our document. Our digital payment document spells out that digital currency is work in progress in RBI”.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- U.S. SEC Ends Zcash Foundation Probe as Dubai Tightens Rules on Privacy Tokens
- Sui Network Suffers Outage as Mainnet Stalls; SUI Price Flat
- Crypto ETF News: Bitwise Launches Chainlink ETF as Institutional Inflows Return
- Breaking: Supreme Court Delays Ruling on Trump Tariffs; May Decide January 16
- Senators Make Amendments To CLARITY Act On Yield and DeFi Ahead Of Crypto Bill’s Markup
- Bitcoin Price Forecast: How the Supreme Court Tariff Decision Could Affect BTC Price
- Ethereum Price Prediction as Network Activity Hits ATH Ahead of CLARITY Markup
- Robinhood Stock Price Prediction: What’s Potential for HOOD in 2026??
- Cardano Price Prediction as Germany’s DZ Bank Gets MiCAR Approval for Cardano Trading
- Meme Coins Price Prediction: What’s Next for Pepe Coin, Dogecoin, and Shiba Inu Amid Market Rally?
- Standard Chartered Predicts Ethereum Price could reach $40,000 by 2030
