Indian Central Bank RBI is Reportedly Exploring the Need of Cryptocurrency in Payment Sector

Reserve Bank of India (RBI), the Indian central bank is reportedly looking at the use cases of cryptocurrencies in the growing payment sector as per a report in the Economic Times.

The central bank in its report said,

“Private digital currencies (PDCs) / virtual currencies (VCs) / cryptocurrencies (CCs) have gained popularity in recent years. In India, the regulators and governments have been skeptical about these currencies and are apprehensive about the associated risks. Nevertheless, RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalize it,”

This story is being updated.