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Before the rollout of digital currency, cyber risk could be the major obstacle


Last Updated on 08/12/2021 by Sanskriti

The RBI has shown concern of cyber fraud as the major challenge, before a successful rollout of digital currency. Governor of the Reserve Bank of India, Shaktikanta Das, stressed that before establishing a digital currency, the RBI must have a strong framework in place to protect against cyber theft.

The Reserve Bank of India is about to begin a trial programme for digital currency, which will be a digital version of banknotes.

Many of the tasks have been completed on the wholesale account-based digital currency, according to T Rabi Shankar, RBI deputy governor. However, some further time is necessary on the retail-based digital forex.

MoS Finance stated thatThe aim of making digital forex is to supply vital advantages, equivalent to decreased dependency on money, increased seigniorage as a result of decreased transaction prices and decreased settlement threat.”

The Centre also informed the Lok Sabha that the Reserve Bank of India (RBI) is determining a phased implementation strategy for the launch of Central Bank Digital Currency (CBDC) by examining use cases in order to avoid any interruptions.

Sanskriti loves technology in general and ensures to keep TheDigitalHacker audience aware of the latest trends, updates, and data breaches.
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