Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6894894805114068992
#India’s #CBDC #Digital #Rupee: #Private #Virtual #Cryptocurrencies NOT #Currency, NOT #Money, NOT #Commodities, NOR have any intrinsic value: India will now join a handful of nations to launch its own . According to the Reserve Bank of India (RBI) India, a central bank digital currency ( CBDC) is the #legaltender issued by a central bank in a #digital form. It is the same as a #fiatcurrency and is exchangeable one-to-one with the fiat currency. Only its form is different. And while, CBDC is a digital or virtual currency, it is not comparable to the #private #virtual #currencies that have mushroomed over the last decade. Private virtual currencies sit at substantial odds to the historical concept of money. They are not #commodities or claims on commodities as they have no #intrinsicvalue; some claims that they are akin to gold clearly seem opportunistic. Usually, certainly for the most popular ones now, they do not represent any person’s #debt or #liabilities. There is no #ISSUER. They are not money (certainly not #CURRENCY) as the word has come to be understood historically, the RBI had clarified last year.
