This whole idea of introducing digital fiat currency is so absurd. I think this govt and RBI are living in Quixotic world. They are so oblivious to ground realities. Except for Cities and 1st tier towns how many people actually use apps for payments or mobiles or computers ? And in all that they want to force digital currency down our throats. Yet another instinctive decision making without considering any long term repercussions. Or is it a move, to facilitate big corporates in their plans to enter the crypto world ?!
JioCoin - really ?? They just cannot think of any better name ?!
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@cryptonubee JioCoin is announced by reliance foundation. RBI's fiat-based crypto name is still unclear. however, this move can help Indian government to regulate cryptocurrencies by providing a trading pair of a stable yet crypto-based fiat on Indian exchanges.
But the value of fiat currency on the exchanges cannot be same. Moreover, being a centralized currency RBI can control rates, there by controlling how much profits we can earn. And the use case should not be limited only to facilitate trading. there has to be a strong white paper before even announcing it. Other wise the currency will not sustain. And that is where the adaptability of crypto in India comes in to picture. Crypto itself is in a nasicent stage here. RBI should not rush into investing more money prior to recovering huge losses recent scams have incurred. Even a developed country like Switzerland retracted their decision to introduce their fiat in digital.