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India Could Launch CBDC Trials Later This Year, According to Central Bank Governor: Report
Deputy Governor T. Rabi Sankar said the central bank is studying matters related to security and the broader impact a CBDC would have on monetary policy.
Updated May 11, 2023, 7:02 p.m. Published Aug 27, 2021, 9:34 a.m.
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Trials for an Indian central bank digital currency (CBDC) could begin by December, Reserve Bank of India (RBI) Governor Shaktikanta Das said.
- The central bank is studying matters related to security and the broader impact a CBDC would have on monetary policy, Das told CNBC Thursday.
- “I think by the end of the year, we should be able to – we would be in a position, perhaps – to start our first trials,” he said.
- Das said the RBI is exploring whether a digital rupee would harness blockchain technology or use a centralized ledger.
- RBI Deputy Governor T. Rabi Sankar said in July that a digital rupee would reduce the use of cash and protect citizens from the volatility of cryptocurrency.
- Among major economies, China is leading the way in the development of a CBDC. Its digital yuan, or eCNY, has been undergoing trials in various cities around the country for several months.
- South Korea and Sweden appear the next most advanced in developing digital currency after China.
Read more: Jamaica’s Central Bank Says It Would Need Court Order to Track CBDC Transactions
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