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Rediff.com Business RBI is open to e ploring possibilit of digital currenc

RBI i open o e plo ing po ibili of digi al c enc

Source: PTI
Januar 25, 2021 22:06 IST
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Amid increasing popularit of virtual currencies in various parts of the world, the Reserve Bank of India (RBI) on Monda said it is open to e ploring
the possibilit of a digital version of at currenc .

Host of private digital currencies, virtual currencies and cr ptocurrencies have gained popularit in recent ears, though Indian authorities continue to
remain sceptical about them.

"In India, the regulators and governments have been sceptical about these currencies and are apprehensive about the associated risks.

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"Nevertheless, the RBI is e ploring the possibilit as to whether there is a need for a digital version of at currenc and in case there is, then how to
operationalise it," the RBI said in its booklet on 'Pa ment S stems in India -- Journe in the Second Decade of the Millennium'.

Central bank digital currencies (CBDC) is a legal tender and a central bank liabilit in digital form denominated in a sovereign currenc and appearing
on the central bank's balance sheet.
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It is in the form of electronic currenc , which can be converted or e changed at par with similarl denominated cash and traditional central bank
deposits. Innovations are changing the pa ments space rapidl .

"This has made central banks around the world to e amine whether the could leverage on technolog and issue at mone in digital form," the RBI's
booklet said.

It further said the RBI has alread established a framework to capture the location and business details of commercial bank branches, ATMs and banking
correspondents (BCs) across the countr .

It is envisaged to e tend a similar framework to capture and maintain information about point of sales (PoS) terminals and other pa ment s stem touch
points, the booklet said.

The booklet covers the journe of the Pa ment and Settlement S stems in India during the second decade of the millennium -- from the beginning of
2010 till the end of 2020.

The RBI said it captures the transformation of India in the sphere of pa ment and settlement s stems.

It describes, inter-alia, the legal and regulator environment underpinning the digital pa ments s stems, various enablers, pa ment options available to
consumers, e tent of adoption during 2010 to 2020, it added.

The Reserve Bank of India had earlier come out with booklets on pa ment s stems in 1998 and 2008.

This third booklet in the series is e pected to serve as a reference document for those interested in knowing more about pa ment s stem developments in
the countr , the RBI said.
"This booklet is a narrative of how the carefull thoughtout steps taken b the RBI have resulted in transforming India into a countr riding the crest of a
wave in the evolution of digital pa ments," said RBI Governor Shaktikanta Das in the 'Foreword' of the booklet.

While realising that 'well begun is half done', Das said the RBI is mindful of the challenges ahead.

Various initiatives are underwa to realise India's vision on pa ment s stems.

The RBI seeks to usher in a pa ment ecos stem that enables safe, quick and affordable digital pa ments to ever one across the countr as well as in
cross-border pa ments and transactions, he added.

The factors inhibiting the digital push are connectivit issues, inadequate acceptance infrastructure, lack of familiarit with newer, alternative pa ment
methods, dela in getting complaints resolved and securit and privac concerns.

"RBI has acknowledged the same and to address these issues has put in place s stems like, consumer awareness programmes, ombudsman schemes,
etc," the booklet said.

It further said that such is the development of digital pa ment in the countr that it has started e panding be ond boundaries.

Implementation of successful Indian practices in developed countries of Europe and the US is testimon of India being perceived as the leader in
pa ment s stems now, said the booklet.

Ph g a h: Dad R c/Re e

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Source: PTI Cop right 2021 PTI. All rights reserved. Republication or redistribution of PTI content, including b framing or similar means, is
e pressl prohibited without the prior written consent.
Re a ed Ne : Reserve Bank of India, Shaktikanta Das, CBDC, Settlement S stems, Reuters
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