India contemplates introducing a national digital currency to avoid printing money

In 2017, India spent Rs 636 crores ($88 million) to print currency notes. The Reserve Bank of India (RBI) wants to bring those costs down, so it’s thinking of introducing a form of fiat digital currency instead of paper. To explore the feasibility of that idea, the central body has formed an interdepartmental group. A lot of the printing cost was due to the introduction of the new designs after the demonetization announcement in 2016. In the past few years, the RBI has spent millions on obtaining printing paper on currency notes. The RBI had first mentioned this committee in a notification sent in April.…

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