by Rushali 
It’s been almost a year since the Supreme Court of India had lifted the ban on crypto businesses imposed by RBI. And today, the bank’s position on digital assets is looking slightly more bullish.
The RBI had released a booklet and according to that, the bank is “exploring the possibility as to whether there is a need for a digital version of fiat currency.” And further added that, if it found a need, it would look into ways to put digital currency into use.
The booklet also acknowledges that cryptocurrencies are famous in the world, but the Indian regulators and local government bodies are both “skeptical” of and “apprehensive” about them. It said that the Central Bank’s digital currency is the only legal tender, but also called it “a central bank liability in digital form.”
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In April 2018, RBI had imposed a ban on crypto businesses which was lifted by the Supreme Court in March 2020. The number of exchanges has grown in response to the supreme court ruling, but many experts have expressed their concerns over the future of the industry in the nation. As Indian Government had a very complex relationship with the crypto market.
Now, this news of accepting crypto by the Central Bank can lead to the adoption of crypto in India and beyond. The RBI reported that there has been an “exponential growth of digital payments” in the country with a 12.5% and 43% increase of volume and value, respectively, since 2011. The bank added that it may expand adoption by targeting “the generation which is most responsive to technology and digital age” — people born between 1982 and 2004.
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With such good news, now Indians can also hope for a future that includes cryptocurrency and can develop our nation with the use of crypto technology.
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