Beautiful Virgin Islands

Thursday, Jun 26, 2025

0:00
0:00

The Bank of India has announced the transition to an official digital currency, the digital rupee

Reserve Bank of India Deputy Governor, T Rabi Sankar confirmed that the Digital Rupee, India’s central bank digital currency, CBDC, will be rolled out this year. Rabi Sankar also clarified that the CBDC would be rolled out in phases.
With the launch of the Central Bank's official digital currency, India is the second largest country in the world to introduce into its system an official digital currency (CBDC) that intends to replace the use of traditional currency. China was the first with the digital yuan.

Finance Minister Nirmala Sitharaman indicated in the Union Budget for 2022 that India's Central Bank Digital Currency, the "Digital Rupee," will be launched in 2022-23 using blockchain and other technologies.

Central Bank Digital Currencies (CBDC) are central bank-issued digital tokens akin to cryptocurrencies. They are tied to the value of the fiat currency of that country.

Several countries are currently creating CBDCs, and a few have even implemented them. China was the first country to do so.

Reserve Bank Deputy Governor T Rabi Sankar said the soon-to-be-introduced central bank digital currencies (CBDCs) can "kill" whatever little case that exists for private virtual currencies like Bitcoin.

"...we believe that CBDCs could actually be able to kill whatever little case that could be for private cryptocurrencies," Sankar said while speaking at a seminar organized by the IMF.

He said the RBI has been working "methodically" to introduce a digital version of the fiat rupee and sees advantages like better currency management, reducing settlement risk in the system especially the interbank system, and as the best solution to cross-border payments.

"We will go through the process of proofs of concept, then pilots, and then a stage-wise introduction. We intend to learn as we go, as all of us realize the digital journey is precisely that, it's a journey that never has an end," he said.

At a time when advocates of cryptocurrencies have been batting for 'stable coins' which are linked to regulated currencies, Sankar said their "unquestioned acceptance" seems "puzzling".

"Yes, I've heard repeated central bankers trying to justify private currencies by arguing that we have changed, we actually have private money largely in the system. Now I'm sure they understand the difference between money and currency," he said.

Meanwhile, Sankar appealed to the IMF to take the lead in structuring the narratives around digital payment systems given the rapid changes in technology.

"I don't think everything that is happening is desirable or happening in the way it should. It is important that many countries understand these technologies while taking their policy decisions. In this respect, I would expect the IMF will take a leading role in clearing the narrative, whether it's in respect of CBDCs or cryptocurrencies," he said.

The United States has many reasons to lag behind and not join this move, including the fear that monetary transparency will endanger the United States economy, and especially the shadow economy behind the war industry and its foreign policy.

Public disclosure of the answer to the question of who gets the trillions of dollars that are printed regularly and in huge sums, while the general public is suffocated by rising prices and declining revenues, and how funds defined as "foreign security and humanitarian aid”, so to speak, to foreign countries and organizations, flow back to very particular American pockets, would greatly risk social stability inside the US, which is currently very fragile and explosive anyway, even without monetary transparency.

Digital USD, Pound or Euro may also expose problematic foreign policy that has traditionally benefited greatly from the power of secrecy.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
×