Amid all the frenzy currently going around India’s crypto ban, we have a fresh update from the deputy governor of the Indian central bank. B.P. Kanungo, the deputy governor of the Reserve Bank of India said that the central bank is closely following the development model for the central bank digital currency (CBDC).
The RBI is currently following up with how major economies worldwide and their respective central banks are working around the CBDC projects. The deputy governor added that the central bank will soon come out with its decision on its intent around an official digital currency. The Indian government and central banks have been more or less skeptical of private cryptocurrencies like Bitcoin.
The deputy governor of RBI stated that the monetary policy committee has been working around digital currency for quite some time.