2022
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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State Bank of India
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Reserve Bank of India
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Central Bank of India
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Asian Development Bank
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Detailed explanation-1: -Central Bank Digital Currency (CBDC) pilot launched by RBI in retail segment has components based on blockchain technology. The Reserve Bank of India (RBI) has issued a concept note on Central Bank Digital Currency (CBDC) on October 7, 2022.
Detailed explanation-2: -The Reserve Bank of India has today released a Concept Note on Central Bank Digital Currency (CBDC) for India. The purpose behind the issue of this Concept Note is to create awareness about CBDCs in general and the planned features of the Digital Rupee (e₹), in particular.
Detailed explanation-3: -Concept note places CBDC as a digital form of currency notes which are issued by the Reserve Bank, same as cash but in digital form which can be used as a medium of exchange. The concept note includes the objectives, structure choices, benefits, and risk related with issuing CBDC in India.
Detailed explanation-4: -10 countries have launched a CBDC, the first of which was the Bahamian Sand Dollar in 2020, and the latest was Jamaica’s JAM- DEX.
Detailed explanation-5: -SC Garg Committee recommendations (2019): However, the panel said that the government should keep an open mind on the potential issuance of cryptocurrencies by the Reserve Bank of India.