India is Exploring a Central Bank Digital Currency for Payments

[abojamal]

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/

[ImHash]

This is what I think about the news you have shared, "explore the demand and plausibility of a blockchain-based digital currency to be used in domestic payments" Quote from the source.
Centralized digital currency.

[cryptosmith03]

This means that this bank is trying to weed out the popularity of the bitcoin as well as crypto currency in the India. After failing to put a ban on bitcoin, this is another strategy to distract bitcoin. This indicates that bitcoin is very much deeply rooted in India.

[Kemarit]

No direct impact to crypto because its just a government backed coin, central bank digital currency (CBDC). Just like Petro of Venuzuela or Crypto Rubble of Russia, which doesn't even enjoy the support of their people because we all know that its a centralized coins + high tax. And just like any other state sponsored coins, CBDC will fail because of a simply reason: they're run by governments. In the long it won't deliver anything new, it's better to used Rupees.

[cryptocamacho4785]

Given how reluctant the Indian government was towards teh whole crypto market, this is a good thing to see that the change in their decision towards it was not something that they are regretting upon. The Indians are doing quite well here and this is a good news indeed from their end.

[teejayrichard2]

india exploring a central bank digital currency for payments, i think is another good thing for the digital currency world. it goes to show the world is gradually embracing the great change the digital world is introducing to all. i

[Sarastiche]

With this in place the revolution has began,the regulations we clamour for in the cryptocurrency space is here, I hope it will be a positive impact to us all in the community, If government globally began to embrace the technology then we can be sure of stability and sustainability.

[pimondcrypto]

RBI is always against of the bitcoin and they are trying very much to market out the bitcoin from the India and so it has come with this new strategy to beat bitcoin. I think they will not be able to do this as it requires many things to do.

[BigSheep]

Venezuela has already launched their crypto and I guess India will be the next country to adopt crypto at a large scale. I hope this act will help to drive up the price of other coins in the market. India needs to make sure that they can protect the peoples’ money from any hacks.

[RudeSlider]

India is looking to adopt crypto tokens instead of coins so that it doesn’t clash with their paper money ‘rupee’. They are still researching its use. I hope they will be able to effectively utilize the use of crypto. This practice will also put an impact in other countries to consider adopting crypto.

[CuteSeal]

India has been studying the use of blockchain for payment solution for quite some time now. Instead of a decentralized crypto they are aiming for a centralized system. I hope more country will follow India when they adopt crypto since it has one of the strongest economy in the world.

[virendarnagpal]

Coin issued by Reserve Bank of India will be centrally controlled digital currency.   Though it will be regulated currency but still it is a welcome step moving forward towards digitization.  
We are witnessing many alt coins coming to the market.  In India these coins and bitcoin could not put a dent in currency markets. Most of the people are not aware how to use Internet and in it's absence they do not know usage of digital transactions.

When RBI issues a coin like this naturally people's interest towards this type of coins will increase and when they are familiar with the ABCD of digital currency it will be easy for them to learn about crypto too.  

So I think it's welcome step.

[dothebeats]

As I've said before on previous posts, India seems to be testing the waters for its own cryptocurrency before allowing any other crypto to flourish in its lands. Knowing that the attention of Indians would surely go on something they can profit at, banning is the only way the government sees in order to divert the attention towards their own baby. But anyhow, digitization of money is still acceptable, be it in the form of crypto or anything else. As the world shifts towards a highly-digitized environment, money should also follow suit to allow seamless flow of transactions day by day.

[cryptohunter]

Centralised junk that will fail

Just get rocking with bitcoin before you get left behind again

[bittraffic]

Days had passed already since the news came out, it doesn't count I guess. No impact that had been expected happen except the price dips. The only news that will affect is perhaps the announcement of ETF this month. Once its announced, prices could either go up or down as always. One thing that is very much real right now is that holding your BTC is the best option.

[BrewMaster]

by the way this is not exactly news. it is very old thing known about the Indian government and banks looking into cryptocurrencies and they have always had plans to make their own centralized altcoin.
there currently are at least half a dozen countries in the world working on something similar and i only know of one (Venezuela) that has actually finished up the work apparently!

the effect of this may only be on similar centralized coins. for instance we may see XRP be abandoned as they move from one centralized coin to another bank created coin!

[spadormie]

India might be expecting something great for the possibility of cryptocurrency growth in their country. Great move by them for this! Another way of payment means another way of living. But for what I knew, they've banned bitcoin?

[krishnaverma]

Even if Indian government launchds it's own coin,  I do not think that it would be very successful.  This is because India  fies not have the resources to develop a  similar or better project.


Also the security related aspects are very hard to handle here and thus chances of hacking will be very high.

[Baksobakar]

honestly I just heard about it. if that's really good hehehe ...

[Jerrycryptofield]

More and more nations are officially coming into the crypto market daily it’s a very good sign for the market. It these things go on. So it is not in very far when the cryptocurrency will be a legal currency across the world & all the transactions and exchangess will bee legalized.