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Breaking: Committee Report on Feasibility of RBI issued Digital Currency Submitted

In a one-line response to an RTI application, the Reserve Bank of India said, “The Report [on Central Bank backed digital currency] has been submitted”. 

The Reserve Bank of India in the first Bi-monthly monetary policy of 2018-19 announced, along with the Banking Ban on Crypto trading, an inter disciplinary committee setup to provide guidance on introducing a “Central bank digital currency”.

The announcement stated,

Rapid changes in the landscape of the payments industry along with factors such as emergence of private digital tokens and the rising costs of managing fiat paper/metallic money have led central banks around the world to explore the option of introducing fiat digital currencies. While many central banks are still engaged in the debate, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency. The Report will be submitted by end-June 2018.

When we did not hear anything from the government or the RBI until the deadline, I decided to file an RTI application to know what is going on. I filed the RTI on July 02, got a response one month later.

RBI says a report on central bank digital currency or even laxmi coin submitted
RBI’s response to RTI

Unlike multiple RTI applications filed by Crypto enthusiasts in the past, I decided to ask one simple question, what happened to the report that was to be submitted by June 30? RBI, decided to answer with an even shorter reply.

“The Report [on Central Bank backed digital currency] has been submitted – RBI”

The one line response from RBI signifies that there is some research done in the area. Whether we see a Indian digital-fiat or not, I do not know. We might know soon hopefully.

Will India get a Digital Fiat Currency – Digital Rupee? What do you think? Let us know in the comments below


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