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With the advent of the digitalized universe, technology is developing day by day. It could end up utterly a digitalized world. Cryptocurrency is also one on the list. A cryptocurrency is double-barreled data that works as a medium of exchange in a form digitalized database. Bitcoin was the first decentralized cryptocurrency.
Cryptocurrencies are widely used by existing banking and governmental institutions. Recently, the Reserve bank of India has the forethought to get going with its first central bank digital currency (CBDC) demonstration that is expected to be held by the end of this year, said Shaktikanta Das, the Governor of RBI.
In a recent interview with CNBC, Shaktikanta Das, the Governor of Reserve Bank mentioned that the central bank is very conscious while dealing with cryptocurrency economists. Experts are doing scrutinized research on different outlooks of the upcoming cryptocurrency. He also added that the central bank is studying cryptocurrency’s security system and latent effectiveness in the Indian digital market.
“The Reserve Bank of India may launch its first digital currency trial programs by December,” RBI Governor Shaktikanta Das
In a recent interview, RBI Governor stated that “we are watching meticulously on cryptocurrency because it is thoroughly a revived new system not just for India, but globally. The RBI is inspecting all the features of a cryptocurrency and its impacts on people and monetary policy.” Furthermore, central banks in the UK, Europe, and China have already started to grant central bank digital currency permission.
In July 2021, the central bank of Europe has announced the official launch of the digital Euro project; they believed that it would create a digital revolution in the world.
Concerning this, the Indian cryptocurrency market has to spark up in the near future. We could say India is a fast booming country in the cryptocurrency global market. The acquisition of cryptocurrency has increased drastically in the Indian market. We could expect a new digital revolution in India.