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    QONEQT in News

    08-Oct-2022 12:00 PM


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    ‘CBDC a play against India’s interest in cryptos’: What crypto industry stakeholders think about RBI’s concept note

    India seems to be inching closer to launching its very own Central Bank Digital Currency (CBDC) as the Reserve Bank of India (RBI) released a concept note regarding the same on Friday.

    While many industry leaders and stakeholders see this as a step towards embracing blockchain technology, others find it to be a play against the current market interest in cryptocurrencies.

    Naimish Sanghvi, co-founder of CoinCrunch India, stressed that RBI's CBDC seems to be a play against India’s interest in the realm of blockchain and crypto.

    Menon said, “Some points remain unclear - the note remains silent on whether the CBDC will be blockchain/distributed ledger-based or a typical centralised database.”

    CBDCs can be broadly classified as Retail and Wholesale CBDCs.

    Retail CBDC refers to the digital currency that the public in general uses for day-to-day transactions.
    Source: BusinessToday
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