Reserve Bank of India (RBI) and Central Bank Digital Currency – What does it mean for the future of finance?

The Reserve Bank of India (RBI) Plans to Introduce Central Bank Digital Currency

The Reserve Bank of India (RBI) has announced a plan to gradually introduce a Central Bank Digital Currency (CBDC) during the fiscal year 2023. This decision is a response to the development of the digital economy and financial technologies, which have contributed to the increasing popularity of digital currencies. RBI aims to be prepared for a potential significant shift from using traditional physical currency to digital currency in the future.

Utilization of Central Bank Digital Currencies and the Need for International Coordination

Facing technological advancements and a changing financial landscape, there is a growing need for coordination of monetary policy decisions among different central banks. Research on the impact of issuing central bank digital currencies on international trade and the global economy has become a subject of numerous academic studies based on various methodologies.

Regulation of Cryptographic Assets in Kazakhstan’s Financial Sector

Efforts to regulate and supervise cryptographic assets in Kazakhstan’s financial sector have been carried out by a team from the International Monetary Fund (IMF) and the World Bank. The Financial Sector Assessment Program of the Republic of Kazakhstan has focused on developing adequate legal and oversight frameworks regarding cryptographic assets in the country.

Legal Research in the Area of Decentralized Finance (DeFi)

Legal research on decentralized finance (DeFi), including the use of blockchain-based smart contracts, aims to explore the benefits of comparing regulations governing DeFi in different countries such as the United States and Indonesia. This is an area intensively studied and developed in the context of modern financial solutions.

Development of Canada’s Central Bank Digital Currency

Despite potential conflicts of interest, the Bank of Canada continues the development of its Central Bank Digital Currency. This initiative aims to enhance the efficiency and security of the payment system, as well as to adapt to changing socio-economic needs.