Russia based The Open Network (TON) block chain community has offered its professional consulting assistance to India in creating a digital currency. A TON community representative told Financial Express Online, “To this end we are offering our bulk of experience to India’s top specialists in the industry. The TON community has all the necessary qualifications, knowledge, and experience to help facilitate this comprehensive project in India.”
“India’s economy and its IT specialists, much like their Russian counterparts, are currently among the world’s strongest. As many governments around the world have transitioned to comprehensive crypto regulation, therefore the RBI decision to launch digital rupee and to legalize crypto currencies, in our opinion, is the right and apt step forward. It is likely to boost the economy and to create more growth opportunities,” TON community representative added.
More about TON
According to the information available on their website, it is a third-generation proof-of-stake block chain designed. This was designed by the Durov brothers in 2018. The Durov brothers are the founders of Telegram Messenger. Once developed this has been handed over to the TON community and is now being supported and developed by them.
Why was TON created?
The user friendly, fully operational and very cheap, system has been designed for fast transactions.
What was announced in the Union Budget?
On Tuesday (February 1, 2022), the Finance minister announced that in the upcoming Financial Year, the Reserve Bank of India would issue a digital currency.
This according to the minister would be “riveted in or based on” certain value of gold, money, government assets or “something similar”. The digital currency will be asset backed, in a way it will be sovereign backed.
Blockchain Technology will be used in the digital rupee of RBI. The digital rupee is also called the Central Bank Digital Currency (CBDC).