Route to a Central Bank Digital Currency
Feb 07, 2022
3 minutes
BY SUBHASH CHANDRA GARG, FORMER FINANCE SECRETARY, GOVERNMENT OF INDIA
ILLUSTRATION BY
RAJ VERMA
BITCOIN, THE MOST famous cryptocurrency, was unleashed to the world in 2009 as a digital currency. However, it is not ideal as its value in terms of other official currencies like the US dollar and the Indian rupee keeps fluctuating. Cryptocurrencies in another form—more commonly called stablecoins like USD Tether, USDT, USD Coin or USDC—have acquired the character of an international currency.
These stablecoins tied in value to the US dollar are being used extensively for
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