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Why RBI thinks India should go for basic models of central bank digital currency

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Why RBI thinks India should go for basic models of central bank digital currency

The Reserve Bank of India (RBI) said on Tuesday that, given its dynamic impact on microeconomic policies, India must initially adopt the basic model of a central bank’s digital currency.

The Reserve Bank of India stated in its report “India Banking Trends and Progress in 2020-21” that its basic form is central bank digital currency (CBDC), which provides a safe, robust and convenient alternative to physical cash. “Various design choices, it can also assume the complex form of financial instruments. Compared with the existing forms of currency, it can provide advantages in terms of liquidity, scalability, acceptance, the convenience of anonymous transactions, and faster settlement. Users provide benefits,” the Reserve Bank of India said

The Reserve Bank of India further added that global central banks are now considering how to implement digital currencies, moving forward from their initial exploratory attempts.

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In this case, RBI believes that certain key issues related to the central bank’s digital currency design elements need to be resolved before it is introduced, for example, is CBDC universal, can it be used for retail purposes, or can it be used for wholesale purposes.

In addition, in countries like India, the Reserve Bank of India stated that it needs to carefully weigh the decision on the issuance structure, that is, whether digital currencies are issued directly by the central bank or through commercial banks.

“Measuring the scale of the issuance, distribution will also help determine the appropriate basic technology best suited to handle this type of operation.

In view of its dynamic impact on the formulation of macroeconomic policies, it is necessary to initially adopt the basic model and conduct comprehensive tests to minimize its impact on monetary policy and the banking system. “

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The Reserve Bank of India stated that India’s advances in payment systems will provide citizens and financial institutions with the most advanced CBDC to provide a useful pillar.

RBI has been studying use cases and developing a phased implementation strategy to introduce CBDC with little or no interruption. Earlier this month, the Central Committee of the Reserve Bank of India discussed various aspects related to CBDC and private cryptocurrencies.

Parliament recently learned that the government had received a proposal from the Reserve Bank of India in October 2021 to amend the Reserve Bank of India Act of 1934 to expand the definition of “bank bill” to include currency in digital form.

Complete News Source : mint

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Stephanie Hsu and Zosia Mamet talk about their new series Laid, and some of the horrors of dating as millennials.
Imagine a scenario where anyone and everyone you have ever been intimate with begins to die one by one. Is it a curse? If yes, then who is cursed? These are questions that Stephanie Hsu‘s Ruby battles with in the new zany comedy, Laid. Ahead of the show’s release, Stephanie and co-star Zosia Mamet spoke exclusively with HT about their roles, the show’s unique premise, and the horrors of dating as millennials. (Also read: Dune: Prophecy star Emily Watson on working with Tabu: ‘She is a true treasure’)

Stephanie Hsu on her character’s flawed morality

Laid, created by Nahnatchka Khan and Sally Bradford McKenna, is the story of Ruby (Stephanie Hsu), who discovers that all her sexual partners are dying one by one, and she must warn them. Helping her in this unique quest is her best friend AJ (Zosia). The fun thing about Laid is that the protagonists are not the usual likeable characters. “She is totally an anti-hero of our story. I really love that,” says Stephanie, referring to Ruby’s moral greyness. “I am not a perfect person and I love playing flawed characters. But it was difficult. The creators told me that she is a total narcissist. But narcissists don’t think they are one, so I had to figure out a way to love her. For me, playing Ruby was about getting into her psychology and finding the innocent part of her – which is that she just wants love,” the actor adds.

While sitcoms usually add the best friend as the voice of reason trope, Laid diverges from that, with AJ even zanier and more morally ambiguous than Ruby. Talking about playing such a colourful character, Zosia Mamet says, “When you play not-so-likable or zany characters, people don’t believe they are that way. I don’t think AJ wakes up every morning and thinks, ‘I am absolutely crazy’. It’s about trusting the writing and finding an organic way into these characters to make them seem grounded, real, and relatable.”

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Stephanie, Zosia reveal the worst gifts they received from partners

In Laid, Ruby gives the gift of death to the men she is with, even if that is inadvertent. Ask the women about the worst ‘gift’ a partner has ever given them, and the discussions veer into the unusual horrors of modern-day dating. “I got a vintage wooden duck decoy from someone. It was broken, and I thought, ‘What does this say about our relationship?’. They didn’t know me well enough to know if I’d want this but also that they gave me something old and ailing,” Zosia says with a laugh.

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