How India’s Central Bank Digital Currency is different from crypto
Central Bank Digital Currency (CBDC) is a concept explored by China, Sweden, countries in the EU, and various other large economies for the last few years.
A CBDC is the virtual form of a government’s fiat currency. It is issued and regulated by local authorities. It is run on a digital ledger system, which may or may not be blockchain-based.
In India, the Reserve Bank of India (RBI) has been toying with the concept and is looking for a phased implementation for CBDCs in the next year.
“Money is evolving, and we are now seeing the concept of digital money emerging from the crypto revolution. There is now a fiat version of digital currency, which are sovereign issued and act as legal tender. This is known as CBDC,” says Tanvi Ratna, Founder and CEO, Policy 4.0, a digital currency think tank.
In fact, crypto has long aspired to act as digital currency, but it is increasingly seen as assets for investment or tokens for performing transactions on blockchains.
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News & Updates
- Tesla CEO Elon Musk is asking on Twitter whether he should sell 10 percent of his stock in the electric-vehicle company amid pressure in Washington to increase taxes on billionaires like him.
- Ola Financial Services (OFS), a subsidiary of Ola, is looking to expand its insurance business internationally to support the company's mobility service through products designed for the UK and Australia and New Zealand (ANZ) markets.
- The second week of November will see very heightened activity from the Indian startup ecosystem as the initial public offerings (IPOs) of the likes of , , and are at various stages of public listing.
- Electric scooter rental startup Bounce is making an investment of about $100 million over the next 12 months across manufacturing of e-scooters and expanding the battery swapping infrastructure, co-founder and CEO Vivekananda Hallekere said.
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