India’s Central Bank Recommends Country Implement Basic Version of CBDC

India’s Central Bank Recommends Country Implement Basic Version of CBDC
As India grapples with uncertainty around cryptocurrency regulation, its central bank, the Reserve Bank of India (RBI), has indicated it is inclined to offer basic models of a central bank digital currency (CBDC) initially before implementing a more sophisticated version.A report titled “Trend and Progress of Banking in India 2020-21″ released on Tuesday elaborates on the thinking of the RBI on a CBDC.In a major step away from the RBI’s stance in the past towards anything cryptocurrency-related, the report says “In its basic form, a central bank digital currency (CBDC), provides a safe, robust, and convenient alternative to physical cash.…