Cryptocurrency (Representative image)
Cryptocurrency prices continue to be in the red on October 4. The global cryptocurrency market cap is Rs 157.34 lakh crores, a 0.26 percent increase over the last day, while the total crypto market volume over the last 24 hours is Rs 6,43,466 crores, which makes a 11.07 percent decrease.
Bitcoin's price is currently Rs 36,99,630 and its dominance is currently 42.44 percent, an increase of 0.12 percent over the day.
A group of Central banks earlier sketched out a potential operating manual for digital cash as they aim to strike a balance between keeping up with cryptocurrencies and concerns that the new technology could upend commercial lenders.
Worried that the explosion of Bitcoin and its ilk could weaken their control of money, policymakers from Beijing to Washington are exploring central bank digital currencies, known as CBDCs.
And while a widely-used digital dollar or euro may still be years away, work by central banks is gathering pace as consumers increasingly ditch coins and notes in favour of digital payments on debit or credit cards and mobile phones.
The seven central banks – including those in the United States, Britain and the ECB in the euro zone, but not China – said publicly-used “retail” CBDC must harness both public and private players to mesh with existing payment systems.
The tech should be useable with existing domestic payments systems, with strategies for adoption tailored to on-the-ground economic conditions, said the central banks, working alongside the Bank for International Settlements.
The existing financial system must be given time to adjust to the introduction of CBDC, they said, flagging risks of what could amount to slow-motion bank runs if commercial bank customers suddenly shifted savings to the new tech.
“Regardless of the design, developing and running a CBDC system would be a major undertaking for a central bank,” they said, stressing the involvement of private operators must be closely monitored to ensure public trust in the tech.
As off 7.40 am on October 4, these are the prices of largest cryptocurrencies (data from WazirX
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