RBI’s upcoming digital currency to be like cash: Report

RBI's upcoming digital currency is likely to be like cash and will use private blockchain technology. Here is all you need to know:

The Reserve Bank of India’s (RBI) upcoming digital currency is likely to use a private blockchain platform, which will reduce the transaction settlement processes, reported livemint.com. The report also added that the digital currency will be like cash, allowing the central bank to regulate it better. "RBI-issued digital currency will be exactly like cash and it does not need intermediate settlements and multiple hops," a source was quoted as saying in the report. Earlier in February, RBI Governor Shaktikanta Das said that the central bank had reservations regarding decentralised cryptocurrencies and is currently working to introduce its own digital currency.