RBI submits proposal to amend act for launching its digital currency

The Reserve Bank of India has submitted a proposal to the central government to amend an act that will help it launch the central bank digital currency.

The central government has received a proposal from the Reserve Bank of India (RBI) for amendment to the RBI Act, 1934 to enhance the scope of the definition of “bank note” to include currency in digital form.

The RBI is believed to be examining cases and working out a phased implementation strategy for the introduction of central bank digital currency (CBDC) with little or no disruption.