Friday, 24 March, 2023

Why do central banks oppose cryptocurrency but experiment with their own

<p>The RBI has called for a complete ban on cryptocurrency, believing that partial restrictions will not work. However, it is considering creating its digital currency using the same technology that powers crypto. A central bank digital currency (CBDC) could also enable more real-time and cost-effective globalization of payment systems, according to RBI deputy governor T Rabi Shankar. A CBDC is a digital form of legal tender issued by a central bank, according to the RBI.</p>