Defi News- The Executive Director of the RBI let out glimpses of the CBDC plan.
- 50,000 users and 5,000 merchants at present are for real-world testing.
Ajay Kumar Choudhary, Executive Director of the Reserve Bank of India (RBI) let out glimpses of the CBDC plan. The central government of the nation and the union bank are in process of building CBDC as a replacement for crypto. Ajay is confident over the fact, CBDC will emerge as the mode of exchange in India.
In an interview on the 3rd of March, Executive Director informed about the exploration of Digital Rupee offline functionality. Digital Rupee will carry all the characteristics of fiat currency with the added advantage of anonymity. But pushing it to be a replacement for crypto, puts a spotlight on the spectacle nature of the Indian government.
Adding on to this, the recent words of the RBI deputy governor are CBDC will perform all the functionalities of crypto. Canceling out the risks involved in the cryptocurrency market. He also revealed the data of 50,000 users and 5,000 merchants at present for real-world testing. Such attitudes prevailing among the top authorities of a country are not pro for the crypto environment.
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Source: https://thenewscrypto.com/rbi-says-cbdc-is-an-alternative-for-cryptocurrency/