Indian prime minister believes CBDC will strengthen the economy

Hon’ble Narendra Modi appreciated the move of the country toward the Central Bank Digital Currency (CBDCs).

People in the world are moving toward crypto adoption to generate passive income, while central banks are moving toward blockchain technology adoption to develop Central Bank Digital Currency (CBDCs), to bring modernization to the traditional payment system. Now in this race of CBDCs development, India is almost ready to enter. 

In the recent appearance in the media news, Narendra Modi, Hon’ble Prime minister of India, shared his thoughts and beliefs with the initiative of Reserve Bank of India (RBI) to develop Indian CBDCs, or say Digital Rupee.

According to the Prime minister, Digital Rupee will bring highly efficient transactions for the citizens with more security. And in the addition of such efficient use cases, will help to bring a better revolution in the financial Ecosystem of the country. 

“This will also lead to ease in development of global digital payment systems.”

Modi also added that the Digital Rupee will be a Digital form of money and it will give the citizens to easily cash out. But it will be under the radar of RBI, to bring an eye on the transactions of funds. 

Prime minister in favor of crypto regulation and blockchain adoption 

Prime minister Modi is known as the biggest technology supporter in India and since the beginning, he has supported the tech industry. Whether it was private, semi-private or even government space agencies like ISRO, he created better provisions for such sectors to evolve in the country to stand at top rank in the world.

Modi became the first-ever Indian leader, who supported the blockchain and crypto industry. In the last two to three months, he passed his comment on the adoption of crypto under better collaboration with the democratic nations. However he noted the risks that can spoil the future of citizens, so he also warned for the same.

“Cryptocurrency is an example of the kind of challenges we are facing as a global family with a changing global order. To fight this, every nation, every global agency needs to have collective and synchronized action.”

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