Two years ago, central banks across the world, including the Reserve Bank of India (RBI), were being called old and obsolete for the modern financial system. Cryptocurrencies were the centre of attraction for investors as well as traders and many experts wrote the obituary of the centralised financial system.
RBI’s Unsure Walk With E-Rupee
The central bank’s discourse on CBDC is caught between its abhorrence for private digital currencies and FOMO on innovation in global financial order. Its cautious steps on e-rupee may conceptually sit well with a government that wants a digitised economy, but they put a question mark on the bank’s intent on the ground