AS the legality of cryptocurrency is vague, the Reserve Bank of India (RBI) is working on bringing out a Central Bank Digital Currency (CBDC). After four years of an inter-ministerial committee’s recommendation to launch fiat money in digital style, the RBI has said that preliminary plans to check its feasibility may be launched soon.
In fact, according to a study by the Bank of International Settlements (BIS), 86 percent of central banks all over the world are examining and researching CBDC and 60 percent are presently experimenting with it, while 14 percent are in the initial testing stage.
In India, RBI Deputy Governor Rabi Sankar reportedly said that the central bank was working towards a phased execution plan for its own digital currency and would introduce it in the wholesale and retail sectors shortly. He also said that central banks have enhanced their care on digital currencies and their launching will help reduce the use of cash in the economy and lessen the harm to the public from the use of private currencies.
He further said that the RBI was scrutinising ways to reduce or remove disruption in India’s banking and fiscal systems. He said that legal modifications would be essential as present provisions had been made keeping in mind currency in the physical shape under the RBI Act. He said significant amendments would be needed in the Coinage Act, Foreign Exchange Management Act and Information Technology Act. Sankar said that crypto-currencies such as Bitcoin do not match the RBI’s definition of “currency”.
This story is from the August 9, 2021 edition of India Legal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the August 9, 2021 edition of India Legal.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
PIL, Difficult To Swallow?
In a recent ruling, the Bombay High Court lamented the increasing number of frivolous public interest litigations being filed in courts and echoed the sentiments of the Supreme Court that such litigations are the bane of the judicial system. Is there any way to restrict their misuse?
Till Infertility Do Us Part...
The Calcutta High Court slammed a husband for initiating divorce proceedings due to his wife's infertility and asked him to be a pillar of support for her. Courts have often taken an empathetic view in such matters
IS THAT LEGAL?
Ignorance of law is no excuse. Here are answers to frequently asked queries regarding matters that affect us on a day-to-day basis
The Big Lie
In America, The Big Lie is an idiom used by Donald Trump's opponents and the media to describe his constant gripe about election fraud. Now, it seems more suited to another Republican, Congressman George Santos (right), who has been facing growing calls to resign after he admitted fabricating parts of his resume and biography since his election in New York last year.
Flying into the Sunset
Over 50 years since the first and original jumbo jet, the Boeing 747, took to the skies and revolutionized air travel, the last of the legendary aircraft (right) was delivered to a freight charter company, bringing down the curtain on one of aviation's most successful products.
Star Crossed
Actor and producer Alec Baldwin is a Hollywood legend, having starred in a range of movies, award winning TV sitcoms, and theatre. He was most recently seen in Mission Impossible Fallout, which is an apt description of his current situation.
Walkouts in the UK
An estimated half a million workers have gone on strike, shutting down thousands of schools, public transport and border disruption. It is the biggest day of industrial action for more than a decade.
Myanmar's Misery
Two years after the military coup ousted the elected government led by Aung San Suu Kyi, the brutal crackdown by the junta on so-called \"insurgents\" and civilian protesters has reached a new level with the use of air strikes, a new and deadly tactic in the ongoing civil war.
AMERICA'S ANGST
From messy, divisive politics to a series of mass shootings, and now black officers brutally beating another black man to death as seen in bodycam videos, America's domestic convulsions are cause for serious introspection
JUSTICE LEAGUE
There are few judicial appointment procedures in the world that are completely bereft of the overarching presence of either the executive or the legislature, or both. In the end, the judge is left with all the powers vested in him/her by the constitution to uphold the rule of law, within an atmosphere of external influences
