: RBI has proposed including digital currency under definition of bank note, Centre tells Lok Sabha #IndiaNEWS The Centre on Monday told the Parliament that the Reserve Bank of India has proposed to

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RBI has proposed including digital currency under definition of bank note, Centre tells Lok Sabha #IndiaNEWS
The Centre on Monday told the Parliament that the Reserve Bank of India has proposed to include digital currency under the definition of bank note. The central bank has sought an amendment to the Reserve Bank of India Act, 1934 in this regard. Minister Of State for Finance Pankaj Choudhary told the Parliament about the RBI’s proposal, while replying to a question seeking details of government’s plans about digital currencies in India. The RBI had made the proposal in October, Choudhary said on the first day of the Winter Session of the Parliament.The minister’s reply came days after it came to light that Centre will introduce a Bill during the Winter Session to ban private cryptocurrencies in India and introduce an official digital currency issued by the Reserve Bank of India.The proposed amendment is significant as only the Reserve Bank of India can issue bank notes in the country.“CBDC [central bank digital currency] is likely to be in the arsenal of every central bank going forward,� RBI’s Deputy Governor T Rabi Sankar had said in July. “Setting this up will require careful calibration and a nuanced approach in implementation.�Also read: Everything you need to know about RBI’s planned digital currency ‘No plans to recognise Bitcoin’Meanwhile, Finance Minister Nirmala Sitharaman on Monday said the Centre does...Read more

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