State-run organization: India should develop a digital version of the rupee

Jan 28, 2020

Last week, the head of India’s financial supervisory authority praised blockchains in a statement.

Now comes another sign that the country, which previously has had a very negative attitude to cryptocurrencies, is changing, reports the Indian The Economic Times.

NISG: Digital rupee should be controlled by the central bank

In a document written by the state organization The National Institute for Smart Governance (NISG), it states that India should invest in creating a digital version of the rupee.

In the recommendation, the NISG believes that the new Indian cryptocurrency should be controlled by India’s central bank.

Recommended to support d-apps

In addition, the blockchain which the new currency is to be based on is recommended to be supporting so-called decentralized applications (d-apps), something it would have in common with the world’s second-biggest cryptocurrency ethereum, The Economic Times writes.

Whether the Indian legislators choose to follow the recommendation is currently unclear. But if they choose to follow it, the world’s two largest countries will soon have digital currencies. You can read about China’s digital yuan here.

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