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Official Digital Currency-China

Official Digital Currency-China Part of: GS-III- Digital currency (PT-MAINS-PERSONALITY TEST) Recently, China has started testing its official digital currency which is unofficially called “Digital Currency Electronic Payment, DC/EP”. Imp Points The digital currency of China has not been officially released but internal pilot tests are being carried out in four cities of China. China is expected to officially make the sovereign digital currency availab

Digital currency plan, made in China

Notes on a digital currency plan, made in China By, Partha Ray is Professor of Economics at the Indian Institute of Management Calcutta. Santanu Paul is Co-founder and CEO of TalentSprint, an edtech company Introduction While the world is grappling with the fallout of COVID-19 and speculating on how far China can be blamed for the pandemic, a silent digital revolution is taking place in China. On April 29, 2020, the People’s Bank of China (PBoC), the country’s central ban

Cryptocurrency

Cryptocurrency Context The government intends to bring in a law on cryptocurrencies to put an end to the existing ambiguity over the legality of these currencies in India. The government has, suggested that it does not consider them to be legal tender. What is Bitcoin?   Bitcoin is a type of digital currency that enables instant payments to anyone. Bitcoin was introduced in 2009. Bitcoin is based on an open-source protocol and

RBI plans to introduce Central Bank Digital Currency (CBDC)

RBI plans to introduce Central Bank Digital Currency (CBDC) The Reserve Bank of India is likely to soon kick off pilot projects to assess the viability of using digital currency to make wholesale and retail payments to help calibrate its strategy for introducing a full-scale Central Bank Digital Currency (CBDC). India is already a leader in digital payments, but cash remains dominant for small-value transactions, he said, stressing that an official digital currency would reduce the cost

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