There are big steps forward for cryptocurrency in Asia after the Reserve Bank of India (RBI) proposed a test of its Central Bank Digital Currency (CBDC). News of this proposal was released on Friday 7th of October in a paper released by the agency.
The paper outlined the rationale for creating a CBDC and how it would stage the testing phases. The concept is a digital version of the rupee, referred to as the ‘e-rupee’.
The RBI would look to push out the e-rupee in small batches of testing, intending to implement the digital currency alongside its fiat paper counterpart. It was also mentioned that the e-rupee may be used as an alternative to other US Dollar-pegged stablecoins such as Tether (USDT) or Circle (USDC).
Other central banks across the globe are also expressing interest in CBDCs as an alternative to the paper money system. The RBI mentioned 16 other countries also looking to implement their own CBDC in their paper, which gives additional incentive to deploy their own.
With many governments looking to bring their own CBDC to the market, some may also consider implementing these in unison with other store-of-value tokens. In addition, having additional asset backing for crypto not pegged to any particular value may be of interest to several world leaders.
Tokens like Uniglo.io, which have deflationary tokenomics unlike all fiat currencies, could provide the perfect solution to the CBDCs that will also follow the inflationary path of their pegged government-issued currency.
GLO will be backed by a basket of real-world assets, very much like central banks back their fiat currency. However, the Ultra Burn system will assist in reducing supply and increasing the value of each token over time, perfect for long-term holding and wealth-keeping.
With interest growing daily in Uniglo and their presale starting to close out, now would be the perfect time to invest before the Ultra Burn Mechanism reduces supply and pushes the token price upwards.
Learn More Here:
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