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RBI to Adopt Graded Approach for Introducing Digital Currency

Published on May 28, 2022
Current Context: Recently RBI stated that, planning to adopt a graded approach towards the launch of digital currency to ensure financial stability and efficient operations of currency and payment systems.
RBI to Adopt Graded Approach for Introducing Digital Currency
  • In Union Budget 2022-23 it has been announced that RBI going to introduce its own digital currency. Now it has come up with an approach to launch in a phased manner.
  • CBDC or Central Bank Digital Currency is a legal tender issued by the Reserve Bank of India. A CBDC is an electronic record or digital token of a country’s official currency.
  • Now they have been exploring the pros and cons of the introduction of CBDC in India, working on design elements of CBDCs that could be implemented without any disruption or loopholes.
  • In addition to that RBI also enacted the finance bill 2022 to provide a legal framework for the launch of digital currency.
  • After that bank will announce a pilot project in order to verify the proof of concept on a real basis.

Question:

Q.1 Central Bank Digital Currency is legal tender is going to issue by which of the following?
a. State Bank of India
b. Reserve Bank of India
c. HDFC Bank
d. ICICI Bank
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