India to Start National Cryptocurrency to Avoid Printing Money
September 7, 2018
India spent around $88 million for printing money in 2017. In attempt to cut these costs the Reserve Bank of India is going to adopt some kind of digital currency instead of fiat.
To study the options of this idea, the central agency has formed an interdepartmental group. The bulk of the printing costs was caused by introduction of new samples after the demonetization of 2016. Over the last years the RBI has spent millions for paper to print banknotes.
India’s attitude towards cryptocurrencies can hardly be called positive. In April the RBI ordered all financial institutions to cease all crypto operations. Later in July the Upper Court of India kept in force the ban so the country’s largest crypto exchange Zebpay lost its options to deposit and withdraw in Indian rupees.
Several countries including Russia, Iran and Venezuela have taken steps to introduce state-backed cryptocurrencies. Yet none of the projects has proven the viability of the idea.
Back to last year Dubai adopted a state-backed cryptocurrency called emCash. Meanwhile Venezuela’s cryptocurrency plans face some obstacles, while India has just begun taking tiny steps in the crypto world so now there are no details on how it is going to make it all.