RBI proposes amendments to RBI Act to launch CBDC

Rise of crypto currencies has necessitated central banks of almost all major economies to catch up with the appropriate regulatory framework. Elaborate, giving special emphasis on India’s current status in this regard. (250 Words)

Approach:

• Introduce by giving definition of Cryptocurrency
• Enumerate briefly the need for regulating cryptocurrency.
• Enumerate regulatory framework in other countries
• Enumerate regulatory framework in India
• Way forward and Conclusion