London Daily

Focus on the big picture.
Tuesday, Jul 22, 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
US Treasury Secretary Calls for Institutional Review of Federal Reserve Amid AI‑Driven Growth Expectations
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Severe Flooding in South Korea Claims Lives Amid Ongoing Rescue Operations
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
CEO Resigns Amid Controversy Over Relationship with HR Executive
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
US Revokes Visas of Brazilian Corrupted Judges Amid Fake Bolsonaro Investigation
U.S. Congress Approves Rescissions Act Cutting Federal Funding for NPR and PBS
North Korea Restricts Foreign Tourist Access to New Seaside Resort
Brazil's Supreme Court Imposes Radical Restrictions on Former President Bolsonaro
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Judge Criticizes DOJ Over Secrecy in Dropping Charges Against Gang Leader
Apple Closes $16.5 Billion Tax Dispute With Ireland
Von der Leyen Faces Setback Over €2 Trillion EU Budget Proposal
UK and Germany Collaborate on Global Military Equipment Sales
Trump Plans Over 10% Tariffs on African and Caribbean Nations
Flying Taxi CEO Reclaims Billionaire Status After Stock Surge
Epstein Files Deepen Republican Party Divide
Zuckerberg Faces $8 Billion Privacy Lawsuit From Meta Shareholders
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
SpaceX Nears $400 Billion Valuation With New Share Sale
Microsoft, US Lab to Use AI for Faster Nuclear Plant Licensing
Trump Walks Back Talk of Firing Fed Chair Jerome Powell
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Irish Tech Worker Detained 100 days by US Authorities for Overstaying Visa
Dimon Warns on Fed Independence as Trump Administration Eyes Powell’s Succession
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Jeff Bezos Considers Purchasing Condé Nast as a Wedding Gift
Ghislaine Maxwell Says She’s Ready to Testify Before Congress on Epstein’s Criminal Empire
Bal des Pompiers: A Celebration of Community and Firefighter Culture in France
FBI Chief Kash Patel Denies Resignation Speculations Amid Epstein List Controversy
Air India Pilot’s Mental Health Records Under Scrutiny
Google Secures Windsurf AI Coding Team in $2.4 Billion Licence Deal
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
South African Police Minister Suspended Amid Organised Crime Allegations
Nvidia CEO Claims Chinese Military Reluctance to Use US AI Technology
Hong Kong Advances Digital Asset Strategy to Address Economic Challenges
Australia Rules Out Pre‑commitment of Troops, Reinforces Defence Posture Amid US‑China Tensions
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
U.S. Resumes Deportations to Third Countries After Supreme Court Ruling
Excavation Begins at Site of Mass Grave for Children at Former Irish Institution
×