London Daily

Focus on the big picture.
Monday, Sep 01, 2025

0:00
0:00

The Bank of India has announced the transition to an official digital currency, the digital rupee

Reserve Bank of India Deputy Governor, T Rabi Sankar confirmed that the Digital Rupee, India’s central bank digital currency, CBDC, will be rolled out this year. Rabi Sankar also clarified that the CBDC would be rolled out in phases.
With the launch of the Central Bank's official digital currency, India is the second largest country in the world to introduce into its system an official digital currency (CBDC) that intends to replace the use of traditional currency. China was the first with the digital yuan.

Finance Minister Nirmala Sitharaman indicated in the Union Budget for 2022 that India's Central Bank Digital Currency, the "Digital Rupee," will be launched in 2022-23 using blockchain and other technologies.

Central Bank Digital Currencies (CBDC) are central bank-issued digital tokens akin to cryptocurrencies. They are tied to the value of the fiat currency of that country.

Several countries are currently creating CBDCs, and a few have even implemented them. China was the first country to do so.

Reserve Bank Deputy Governor T Rabi Sankar said the soon-to-be-introduced central bank digital currencies (CBDCs) can "kill" whatever little case that exists for private virtual currencies like Bitcoin.

"...we believe that CBDCs could actually be able to kill whatever little case that could be for private cryptocurrencies," Sankar said while speaking at a seminar organized by the IMF.

He said the RBI has been working "methodically" to introduce a digital version of the fiat rupee and sees advantages like better currency management, reducing settlement risk in the system especially the interbank system, and as the best solution to cross-border payments.

"We will go through the process of proofs of concept, then pilots, and then a stage-wise introduction. We intend to learn as we go, as all of us realize the digital journey is precisely that, it's a journey that never has an end," he said.

At a time when advocates of cryptocurrencies have been batting for 'stable coins' which are linked to regulated currencies, Sankar said their "unquestioned acceptance" seems "puzzling".

"Yes, I've heard repeated central bankers trying to justify private currencies by arguing that we have changed, we actually have private money largely in the system. Now I'm sure they understand the difference between money and currency," he said.

Meanwhile, Sankar appealed to the IMF to take the lead in structuring the narratives around digital payment systems given the rapid changes in technology.

"I don't think everything that is happening is desirable or happening in the way it should. It is important that many countries understand these technologies while taking their policy decisions. In this respect, I would expect the IMF will take a leading role in clearing the narrative, whether it's in respect of CBDCs or cryptocurrencies," he said.

The United States has many reasons to lag behind and not join this move, including the fear that monetary transparency will endanger the United States economy, and especially the shadow economy behind the war industry and its foreign policy.

Public disclosure of the answer to the question of who gets the trillions of dollars that are printed regularly and in huge sums, while the general public is suffocated by rising prices and declining revenues, and how funds defined as "foreign security and humanitarian aid”, so to speak, to foreign countries and organizations, flow back to very particular American pockets, would greatly risk social stability inside the US, which is currently very fragile and explosive anyway, even without monetary transparency.

Digital USD, Pound or Euro may also expose problematic foreign policy that has traditionally benefited greatly from the power of secrecy.
Comments

Oh ya 3 year ago
Fight this with all your strength, once goverments control your money they have total control over you. If they do not like what you do or say they shut down access to your money. Mark of the beast

Newsletter

Related Articles

0:00
0:00
Close
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
Federal Reserve Independence Questioned Amid Trump’s Push to Reshape Central Bank
British Politics Faces Tumultuous Autumn After Summer of Rebellions and Rising Farage Momentum
US Appeals Court Rules Against Most Trump-Era Tariffs
UK Sought Broad Access to Apple Users’ Data, Court Filing Reveals
UK Bank Shares Dive Over Potential Tax on Sector
Germany’s Auto Industry Sheds 51,500 Jobs in First Half of 2025 Amid Deepening Crisis
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Argentine President Javier Milei Evacuated After Stones Thrown During Campaign Event
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Starmer Should Back Away from ECHR, Says Jack Straw
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
Chinese AI Chipmaker Cambricon Posts Record Profit as Beijing Pushes Pivot from Nvidia
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Welcome to The Definition of Insanity: Germany Edition
Just a reminder, this is Michael Jackson's daughter, Paris.
Spotify’s Strange Move: The Feature Nobody Asked For – Returns
Manhunt in Australia: Armed Anti-Government Suspect Kills Police Officers Sent to Arrest Him
China Launches World’s Most Powerful Neutrino Detector
How Beijing-Linked Networks Shape Elections in New York City
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
2 Australian Police Shot Dead In Encounter In Rural Victoria State
Vietnam Evacuates Hundreds of Thousands as Typhoon Kajiki Strikes; China’s Sanya Shuts Down
UK Government Delays Decision on China’s Proposed London Embassy Amid Concerns Over Redacted Plans
A 150-Year Tradition to Be Abolished? Uproar Over the Popular Central Park Attraction
×