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The Reserve Bank of India has announced that the country plans to launch a central bank-backed digital currency with the Indian Rupee. The country has had a mixed history with cryptocurrency, but has been a bit more favorable in recent times.
Central bank backed currency (CBDC) is a legal tender issued by a Central Bank in digital form. It is the same as fiat currency and is able to be swapped 1-1 between digital and fiat.
Regardless of the price actions, the sentiment remains positive for crypto currency as we see large economic powerhouses adopt the space in some form or another. There are over 10 countries around the world that now have digital currencies or will have them in the near future.
Harsharn Singh
Investment Associate | Ember Fund
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