Page 26 - Digital Cash News Today : Breaking News, Live Updates & Top Stories | Vimarsana

India’s central bank is opening its balance sheet to the public. Retail investors will have online access to the government bond market via investment accounts with the Reserve Bank. As the government’s investment bank, the RBI manages institutional buying and selling in gilt securities. Skepticism is high about “Retail Direct” because previous attempts at bringing public debt to the masses haven’t gone anywhere. But if the initiative takes off, it could be a precursor to an interest-paying digital currency competing with bank deposits. The idea of a central bank digital currency, which will reside on smartphones but as a direct claim on the state (rather than a bank) is gaining ground everywhere. Covid-19 has made people reluctant to handle cash for fear of infection. The pandemic has also underscored the need to extend timely financial support to people who don’t have bank accounts.

Krishna hegdeVijay shekhar sharmaFacebook incEuropean central bankPaytm payments bankExchange board of indiaInternational settlementsRetail directConstituent subsidiary general ledgerShekhar sharmaExchange boardDigital currencyBank for international settlementsDigital cashBank digital currencyRetail investors