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India considering creating Digital Currency

India to create its own digital currency?

The Reserve Bank of India, India’s Central Bank, is considering creating its own digital currency as an alternative to Bitcoin. India is not happy with Bitcoin and other Cryptocurrencies as they see them as ‘private currencies’.

Here is a quote from the executive director of the Indian central bank, Sudarshan Sen:

“As regards non-fiat cryptocurrencies, I think we are not comfortable. Bitcoins for example. That’s a private cryptocurrency. Right now, we have a group of people who are looking at fiat cryptocurrencies. Something that is an alternative to the Indian rupee, so to speak. We are looking at that closely.”

As Cryptocurrencies are getting more and more attentions, nations are starting to see the benefits. Soon it won’t be too uncommon for more and more countries to create their own Cryptocurrencies.

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