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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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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

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Report: BTS member Jungkook’s song “Seven” is poised to top the U.K. charts.

The global phenomenon that is BTS continues to make waves in the music industry, transcending boundaries and captivating audiences worldwide. This time, the spotlight is on Jungkook.

one of the group’s immensely talented members, as his solo song “Seven” is set to dominate the U.K. charts. Let’s delve into the details of this exciting news and explore the factors contributing to Jungkook’s success as a solo artist.

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The Rise of BTS: BTS, a South Korean boy band, has garnered a massive following globally, earning a dedicated fan base known as the ARMY. With their infectious music, mesmerizing performances, and meaningful lyrics, BTS has established themselves as trendsetters and game-changers in the music industry.

Jungkook’s Solo Endeavors: While BTS’s success lies in the collective talent and synergy of all its members, each member has also been exploring their individual artistic ventures. Jungkook, often hailed as the group’s “golden maknae,” has been making waves with his solo projects, showcasing his exceptional vocal prowess and versatility as an artist.

“Seven” Storms the U.K.: News of Jungkook’s solo track, “Seven,” climbing the U.K. charts has taken the music industry by storm. The catchy melody, heartfelt lyrics, and Jungkook’s charismatic delivery have resonated with fans and new listeners alike, propelling the song towards chart-topping success.

Factors Contributing to Jungkook’s Triumph:

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  1. ARMY Power: BTS boasts an incredibly dedicated fan base known for their unwavering support. The passionate ARMY has rallied behind Jungkook, streaming and promoting “Seven” across various platforms, propelling it to the forefront of the U.K. music scene.
  2. Global Appeal: BTS’s international popularity has paved the way for individual members’ solo success. Jungkook’s immense talent, combined with the band’s global recognition, has helped him garner attention and win over audiences beyond the ARMY.
  3. Artistic Growth: Jungkook’s growth as an artist is evident in his solo endeavors. His ability to convey emotions and connect with listeners through his music has struck a chord with fans, creating a strong connection that fuels his solo success.

The Impact of BTS: BTS’s impact on the music industry extends far beyond chart success. Their music promotes self-love, empathy, and resilience, empowering listeners worldwide. Their massive following and achievements open doors for K-pop and Korean artists, fostering cultural exchange and expanding the global reach of Korean music.

Celebrating Music Diversity: The rise of Jungkook’s “Seven” on the U.K. charts also highlights the increasing diversity and inclusivity of the music landscape. It demonstrates that language is no barrier to connecting with audiences, and artists from different cultures can achieve widespread acclaim and recognition.

global impact their devoted fan base. It showcases the power of music to transcend boundaries and connect people from diverse backgrounds. As BTS continues to push boundaries and redefine the music industry, we can eagerly anticipate more solo endeavors from its talented members, each poised to make their unique mark on the world stage.

Note: This blog post is a fictional creation and does not reflect real events or statements by individuals.

Report: BTS Member Jungkook’s Song “Seven” Poised to Top the U.K. Charts

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In exciting news for BTS fans worldwide, Jungkook’s highly anticipated song “Seven” is on track to top the U.K. charts. The track, which showcases Jungkook’s unique vocal prowess and captivating sound, has been well-received by both fans and critics alike. According to recent reports, the song is rapidly climbing the U.K. singles chart, with many expecting it to claim the number one spot soon.

#Jungkook #Seven #UKCharts #BTS #KpopSuccess #Billboard #KpopSolo #BTSArmy #JungkookSeven

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