RBI Is Working On Digital Currency: Shaktikanta Das

RBI is working on digital currency, it is quite different from cryptocurrency: Shaktikanta Das.

The RBI governor has said that the central bank is working on digital currency, which is quite different from cryptocurrency.

He said that some comprehensive guidelines and approach papers will be issued soon. He said that we do not want to be left behind in the technology revolution.

He said that there is a need to reap the benefits of blockchain technology. The governor said that the RBI has some apprehensions about cryptocurrency, which has already been conveyed to the government.

He said these things while addressing the Bombay Chamber of Commerce.

Regarding the increase in the prices of petrol and diesel, Das said that the price of petrol and diesel has an impact on the cost. He said that the increase in fuel prices increases the cost of many activities. It is not only about people using cars or bikes.

He said that high fuel prices have a bearing on manufacturing, transportation, and other aspects. The RBI governor said that central and state governments need to work together to reduce the tax on petrol and diesel as both impose indirect taxes on petrol and diesel.

However, he also said that there is pressure on states and the Center to collect more revenue as more money is needed to bring the country and the people out of the Covid crisis.

Trading stalled due to lack of online risk management system, reports awaited from telecom companies: NSE.

The country’s largest stock exchange NSE said on Thursday that trading stopped for nearly four hours Wednesday due to the lack of an ‘online risk management system’.

The exchange said that it is waiting for a detailed report from the telecom service providers and vendors regarding the incident.

The NSE issued a statement explaining the developments related to the closure of the trade and said that to ensure redundancy, it had several telecom links available to the two service providers.

Both the NSE telecom service providers have informed them of the problem related to their link.

The NSE has said that the lack of consistency in the link had an impact on the online risk management system. The stock exchange said that it had no effect on trading.

The exchange said that it was constantly working to solve the problem and an announcement was made to reopen the market as soon as the solution was found.