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He also revealed that the RBI is working out the chinks in its CBDC project, but stopped short of providing a timeline.
Taking stock of projects in advanced stages, the IMF proposed ways to operationalise CBDCs and navigate their risks.
CBDCs present the government with the opportunity to counter the surging adoption of private crypto like Bitcoin.
The proposed flat tax on crypto may be the talk of the town, but there's more to the government's budget plans around tech.
The CBDC is seen as the RBI's response to the rapid growth in adoption of private cryptocurrencies among Indian investors.
It gives a chance for central banks to examine the use cases for their respective digital currency, prior to full rollout.
The cryptocurrency wallet also said that it has embedded controls that enable 24/7 monitoring to detect and flag "suspicious" activity.