The digital currency coming to India, important hints provided by the RBI | National

Digital currency in India: The Indian digital currency will likely be launched soon. Plans are made for this.

Navi Delhi, March 14th: Indian digital currency in India soon (Indian digital currency) Is likely to start. Plans are made for this. From the Reserve Bank itself (RBI(Governor Shaktikant Das)Shakticanta DasProof that. He said, “The Reserve Bank of India is preparing to launch its own digital currency. This currency will be completely different from the cryptocurrency. If digital currency is introduced in the country, it will be possible to reduce financial fraud in banks. At the same time, besides disbursing loans, it will be The financial system is also transparent.

Double bank fraud

According to the annual report released by the Reserve Bank of India (RBI) in August 2020, the number of bank frauds in India increased by 159% in 2019-20, which is 2.5 times more than the previous year.

Rajesh Dudu, Blockchain and Cybersecurity Expert at Tech Mahindra, said, “Online Banking, UPI (Unified Payments Interface) Or RTGS (Real total time settlementEven after launching such facilities, there was no change in people’s behavior. The reason for this is that the system does not have a system to monitor financial transactions. Electronic transactions are just a digital form of fiat currency. Today anyone can send money to another person electronically and then convert it into cash and hide the money.

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Forensic consultants KV said, “Digital currency is definitely beneficial for curbing financial fraud but the nature of CBDT that the Indian government has crafted depends on the amount of digital currency used to control financial fraud. Two CBDT models can be used in India.

1. An account-based form in which both the sender and the recipient receive financial transactions (Financial transactionsIt must be approved. The reserve bank will settle the transaction by identifying the customer.

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2. Token model can also be used in India. The sender and recipient wish to consent to the transaction through the public and private key pair and digital signature. This form does not require identification of the customer. It has more security.

We have to wait and see what the government decides about the digital currency and see how it can help reduce bank fraud if they come into being.

First published:MARCH 14, 2021, 8:13 AM IS


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