How the RBI's digital currency can help economy
Live MintReaders of a certain age group might remember Ramon Bonus Stamps. What's driving FIIs’ bullish bets on Nifty IIT-K student hits record ₹4 cr placement jackpot Story takes a turn for PVR, Inox Leisure after a flop Q2 How young Indian couples budget for their weddings Imagine different currencies competing for dominance in usage without any sovereign backing. That is the background to why many central banks are wading into cyberspace to issue blockchain-based tokens, also called central bank digital currencies. The Bank for International Settlements reports that more than 50 central banks are planning to issue CBDCs worldwide, and in three years, nearly 20% of all currency could be digital cash. This is different from payments interfaces like India’s UPI, which are just mechanisms that instantly move money among bank accounts.