Investors look at opportunities as the country’s central bank mulls its own digital currency plans. But it could be done gradually to mitigate any disruption to the existing financial system.
India’s views on digital currencies seems to have come full circle in the past three years, while carefully navigating the prospect of launching its own central bank-backed coin.
From the Reserve Bank of India’s move to prohibit regulated entities from providing services to anyone who deals with or settles trades in any virtual currency in 2018 – effectively banning Bitcoin trading in the country – to the central bank’s hint earlier this year that it is planning to launch its own cryptocurrency, it’s been quite a whirlwind journey as far as digital currencies are concerned.
The RBI said last month it was planning to launch its own digital coin, but it would be done gradually to mitigate any disruption to the existing financial system.
Immense benefits
The benefits of moving to cryptocurrencies are immense and immediate. They not only bring down the transaction cost drastically, but also help faster digital adoption and create new employment opportunities. Several online exchanges that facilitate digital currencies have sprung up – like WazirX, CoinDCX, CoinSwitch Kuber and so on, employing hundreds of tech-savvy and finance-literate people.
Read More at https://www.indiaglobalbusiness.com/industry/finance/the-case-for-crypto-can-india-embrace-digital-currencies
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