The Winter Session of Parliament has begun and the Cryptocurrency Bill is likely to be introduced soon. Earlier on Monday, the Reserve Bank of India (RBI) has proposed to the central government to launch digital currency in the country. In this proposal of the Reserve Bank, it has been said to increase the scope of the definition of banknote. The central bank has recommended acceptance of the currency in digital form.
Need for amendment in RBI Act
In the proposal given by RBI, it has been said that there will be a need to amend the Reserve Bank of India Act 1934 (RBI Act 1934) to launch a central bank digital currency in the country. Significantly, the Reserve Bank of India has been preparing to bring its digital currency (CBDC) for a long time.
Counted these benefits in the proposal given to the government
According to the proposal of RBI, many benefits are possible once the central bank's digital currency comes into existence. This will help reduce dependence on cash, as well as promote transparency. Along with this, another big advantage will be that after the introduction of digital currency, the government's expenditure for printing cash will also come down.
Discussion on bitcoin on the first day of the winter session
Earlier today, the name of the Cryptocurrency Bill resonated after the winter session of Parliament began. In response to a question asked in the Lok Sabha regarding bitcoin transactions in the country, the Finance Ministry in a written reply said that the Government of India does not collect data on bitcoin transactions at all. It added that there is no proposal to recognize bitcoin as a currency in the country.
RBI digital currency mentioned
The Finance Ministry has said that the Reserve Bank of India (RBI) is investigating the use cases for digital currencies and the central bank is working on a phased implementation strategy for the launch of its digital currency (CBDC), in which no There is no disturbance. This could lead to a more robust, reliable, regulated, and legal tender-based payment option.
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