Following the Indian supreme court’s move to revert the decision of the  Reserve Bank of India to prohibit crypto entities, the bank is looking into the potential rollout of a digital currency. 

Specifically, the bank reportedly appears to be adopting a pro-crypto stance, with an initiative to “explore the possibility as to whether there is a need for a digital version of fiat currency.” 

The bank further claimed that should demand calls for, it would spend extensive resources in making the crypto coin available. 

The booklet on payments generated by the RBI reportedly also took into account how crypto around the globe being the center of attention, but at the same time shared that local lawmakers, as well as Indian governmental entities, are adopting a “skeptical” or an “apprehensive” stance towards them. 

The bank reportedly mentioned CBDC operating as a legal tender across the nation.

India’s association with crypto coins has reportedly been complex. In March last year, the nation’s supreme court has managed to revert a blanket ban on crypto, applied on crypto entities by the RBI, which was put in effect beginning April three years ago. 

The initiative from a bank the scope of the RBI could reportedly go a long way in boosting crypto adoption rate throughout India and beyond. Per an RBI report, an “exponential growth of digital payments” has occurred across the nation, with a 12.5% and 43% rise, volume-wise and value-wise, respectively, since 2011.

The bank further disclosed its plan to widen adoption scope via targeting “the generation which is most responsive to technology and digital age” — individuals born between 1982 and 2004.