Mumbai: The Reserve Bank of India’s digital currency may have a pilot launch in the first quarter of the next financial year. Central bank According to a local newspaper report, the official said at the Banking and Economic Conference of State Bank of India.
Business Standard newspaper P. vasudevan, Chief General Manager in the Department of Payment and Settlement, RBI said.
Central Bank Digital Currencies, or (CBDCs) are digital or virtual currencies originally a digital version of fiat currencies for India, which would be its domestic currency, the rupee.
Earlier, the central bank governor had spoken of a soft launch CBDC Can be expected by December but no official timeline has been given by RBI.
“We are at work and we are looking into various issues and nuances related to CBDCs. It is not easy to say that CBDCs may become habit from tomorrow,” Vasudevan said. Depends on how it’s implemented and shouldn’t be in any rush to launch.
Vasudevan said the RBI is examining various issues as to which segment the CBDC should target – wholesale or retail, verification mechanisms and distribution channels, among other issues.
“The central bank is also examining whether intermediaries can be completely bypassed, and more importantly, whether the technology should be decentralized or semi-centralised,” the RBI CGM said.
RBI has repeatedly expressed concern over cryptocurrencies posing macro-economic and financial stability risks.
Business Standard newspaper P. vasudevan, Chief General Manager in the Department of Payment and Settlement, RBI said.
Central Bank Digital Currencies, or (CBDCs) are digital or virtual currencies originally a digital version of fiat currencies for India, which would be its domestic currency, the rupee.
Earlier, the central bank governor had spoken of a soft launch CBDC Can be expected by December but no official timeline has been given by RBI.
“We are at work and we are looking into various issues and nuances related to CBDCs. It is not easy to say that CBDCs may become habit from tomorrow,” Vasudevan said. Depends on how it’s implemented and shouldn’t be in any rush to launch.
Vasudevan said the RBI is examining various issues as to which segment the CBDC should target – wholesale or retail, verification mechanisms and distribution channels, among other issues.
“The central bank is also examining whether intermediaries can be completely bypassed, and more importantly, whether the technology should be decentralized or semi-centralised,” the RBI CGM said.
RBI has repeatedly expressed concern over cryptocurrencies posing macro-economic and financial stability risks.
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