India is Exploring a Central Bank Digital Currency for Payments

[David41]

The heading of the linked blocked is so mesmerising news india holds the biggest monetry market in south ASIA. Along with other large nations of the country india is also think about cryptocurryencies legalizations and there eqavalent values in their local currency Rupee. It’s a great news to hear.

[Kakmakr]

Why do people get all exited when they hear that governments are creating their own centralized crypto based currencies? Do they not know that these centralized controlled crypto currencies are exactly why Bitcoin was developed in the first place?

Satoshi did not like the idea that Governments and Banks were destroying the global economy and he created a technology to protect people's wealth from these corrupt entities. Now, his creation is being used by these entities, to continue their corrupt practices.  

GovCoins like this is a bad thing and nothing to celebrate!

[avikz]

Hi guys
I would like to share this news with you
I do not know exactly what the impact of this news is.
What does it mean to you?


https://www.ccn.com/india-is-exploring-a-central-bank-digital-currency-for-payments/

This news means absolutely nothing to me! If RBI launches a digital currency, it will be just another form of Indian Rupee. Just the structure will be different. Instead of having physical fiat currency, it will be digital. It will be very similar to the way we currently use Paytm. Strict centralization will make it even more easier to track because every transaction will go through a centralized network architecture. Don't get excited unless you want your transactions to be monitored by RBI directly!

[tailor.and]

As it think that it’s the way to what I think about this types of news that shared discover the petition and believe ability of a blockchain based  digital currency to be recycled in domestic payments quote from several sources. It’s a centralize system.

[annasadia]

The government of India just taken a small step towards digitall currency the started to gather information officially. About digitalized currency. The have also given a slight hints that if they find its higher demand and plausibilit. If they find it profitable then they will have official digital crypto currency along with spread the crypto world to new hight.

[Theb]

Ever since I read this news about RBI creating their own government backed cryptocurrency I know their plan could backfire and a lot of crypto exchanges as well as their members might see this as some kind of unfair competition being shown by their own central bank. Ordering local banks to prohibit online bank deposits coming from exchanges shows how they want to damage/hinder their own cryptocurrency market yet they still manage to have an idea of creating their own crypto shows a different agenda.

If the opposition will build a case they might actually have a good chance of winning as this shows a big motive for unfair play in their part. This also shows that RBI is only showing up its first move to the industry and is contradicting their own views to the market before.

[regadly]

For me, this is good news, I said as soon as India and China begin to allow the digital currency. The whole world will follow them.

[SpyderSpyNX]

It is a proposed idea by Reserve Bank of India. They are planning to operate a different division to integrate with digital currecy based payments.

[xiahui135]

Centralised junk that will fail

Just get rocking with bitcoin before you get left behind again

it will become an open digital currency, though it is centralized.

[CoinEraser]

It was actually only a question of time until something like this comes up. Nevertheless, I'm not really happy. I don't need a centralized crypto currency provided by a country. I wonder if india will do better than venezuela with its petro coin. Either way, I'm curious when we'll officially see an indian coin.   

[Dexion]

Is this real ? and today, bitcoin is rising slowly, I think the good news coming from India and little affect the market.

A few weeks ago I made a statement that India would recognize crypto as a currency that could stabilize the economy.

and to this day, I am still convinced that India will respond well to crypto now and in the future.

[Cindrella88]

Most people do not know how to use the Internet and in case they do not know how to use digital transactions. So I think that's the welcome step. Knowing that the attention of the Indians will surely come into something that they can profit from, the ban is the only way the government sees to divert attention to their children. As the world moves into a highly digitized environment, money must also be adhered to to permit seamless flow of trading day by day. Only get rocking with bitcoin before you're left behind again. No expected impact occurs except for the discount. Once published, the price may increase or decrease as usual. This is not the correct news. Currently at least half a dozen countries around the world are working on something similar and I only know one (Venezuela) has really done the job clear! For example, we can see that XRP is abandoned as they move from one coin to another to create a coin!

[Shenzou]

Hi guys
I would like to share this news with you
I do not know exactly what the impact of this news is.
What does it mean to you?


https://www.ccn.com/india-is-exploring-a-central-bank-digital-currency-for-payments/

Some people will think that this might be a great news, but for me i see that it is a total controversy to what cryptocurrency should be, because creating a digital currency that is only used local and controlled by the government means that is centralized means that it is controlled and monitored and that is not what cryptocurrency should be, if this means anything it means that they are trying to take a step toward digitilizing the current fiat currency, which means they would be able to create and issue fiat more than they would be able to do with the physical one .

[alex_gr_cc]

They have so far only announced their intention to consider recommendations for the release of its cryptocurrency. But whether it will be done at all, it is not yet clear. It looks like empty talk. India does not need this.

[Calantha5635]

This is the only news that will affect the ETF announcement this month. A very practical thing now is to keep your BTC is the best option. It is a very old thing to know about Indian government and banks looking at electronic money and they have always planned to make their own altcoin concentrate. The effect of this can only be based on the copper money concentrates similarly. Excellent move for this! But for what I know, they have banned bitcoin?

[kwakgyimah]

For me, this is good news, I said as soon as India and China begin to allow the digital currency. The whole world will follow them.

If the story is telling the truth then I think this is a great news for the world of cryptocurrency. I believe if this initiative becomes a reality, I think many countries would be really interested and follow the footsteps of India. I cant wait to see super power countries like China and the USA bringing up similar initiative.

[BuyBuyBitcoin]

The governments with the LOWEST valued currencies launching crypto "solutions" just shows how weak they think their central banks are for citizens.

Look at the rupee historically
https://en.wikipedia.org/wiki/History_of_the_rupee#2013_Depreciation

Economic crisis in
1966
1991
revaluation in 2000-2007
2013 depreciation
2016 denomination

Citizens can't trust storing their wealth in a currency like this because it's being manipulated constantly. The people manipulating it, line their pockets and their friends pockets so this game can continue.

A crypto currency in India (other than bitcoin) won't solve the problem the average Indian has with the Rupee.

[coin8coin8]

In fact, the Chinese government is doing the same thing. On the one hand, they are vigorously developing the domestic Crypto research. On the other hand, they strictly prohibit any business related to crypto without their permission.
So don't think that this will help the current crypto market. The crypto they are studying has not much relationship with the current market.
The government's research on crypto usually only serves power, contrary to crypto's decentralization philosophy.