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01 AUG,2021 | MEDC
RBI should tread carefully in launching a digital currency. The proposal currently carries some serious risks. It may put pressure on conventional banking by reducing the amount of deposits, and have implications for commercial banking, since bank credit is based on the quantum of deposits available. This could have consequences on investment and growth in the economy. However, we also need to keep in step with the rest of the world. Other countries’ central banks are now experimenting with either retail or wholesale digital currencies. RBI needs to create a sandbox, with limited participants and pre-specified uses, before going all out to launch its own digital currency. That will act as a bulwark against the threat of cryptocurrencies quarrying the grey zone of financial regulation, and posing immense potential danger to India’s monetary system.
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