The Central Bank of India (RBI) is reportedly looking at the use cases of cryptocurrencies in the growing payment industry.
The Central Bank of India is once again interested in cryptocurrencies
According to the Economic Times report, it is said that the Central Bank of India published a booklet covering the digital payment and settlement journey in India in 2020 and investigated the need for cryptocurrencies in the current financial system.
The central bank report includes the following words:
Private digital currencies (PDCs) / virtual currencies (VCs) / cryptocurrencies (CCs) have gained popularity in recent years. In India, regulators and governments are skeptical about these currencies and concerned about the associated risks. However, RBI is exploring the possibility of needing a digital version of the fiat currency and, if so, how to make it operational.
Bans were on the agenda before in the country
RBI will also publish a Digital Payment Index (DPI) that captures the digitalization scope of payments in the country, and this report will well illustrate the government’s move towards the growing popularity of the cryptocurrency and its destiny in India.
Investigating the need for cryptocurrencies in the current digital payment system, the RBI booklet offers great support for crypto entrepreneurs in the country. So far, RBI has maintained a passive stance on crypto, starting with the infamous circular banning banking services to crypto companies in April 2018.
The banking ban was lifted by the Supreme Court in March of this year, bringing much-needed relief to the Indian crypto industry.