India’s CBDC pilot could start by the end of this year according to the RBI governor while carefully considering the merits of issuing the digital rupee as we are reading more in our latest crypto news today.
The reserve bank of India will commence its preliminary central bank digital currency trials before the end of this year and speaking to CNBC, the RBI governor Shaktikanta Das said that the central bank is being extremely careful in handling the potential rupee even as the counterparts around the world explore their own covering digital currencies. According to the DAS, the rBI focus is on examining the impact of the digital rupee on the India financial sector with issues such as monetary policy control high on the agenda. On teh technical side, the RBI governor revealed that the bank is weighing in on the merits of utilizing a centralized or decentralized ledger for the proposed CBDC and providing the timeline for the next phase of the project, DAS remarked:
“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.”
India’s CBDC pilot could start by the end of December as the RBI governor said and the comments kept coming in with the recent remarks from other bank officials in the country about the progress of the digital rupee project. RBI deputy governor Rabi Sankar stated that the central bank was leaning toward a phased implementation strategy for the CBDC project. With the global financial bodies such as the Bank for International Settlements pushing for a CBDC as a counter to crypto and private stablecoins, other banks are developing their own national digital currencies. As per the Atlantic Council, the countries representing 90% of the entire global GDP are in higher stages of CBDC exploration.
Among other global economies, China continues to lead the way in the CBDC race with other pilot programs to incentivize the adoption of the e-yuan. Other countries are moving ahead with their digital currency plans and international cooperation is another major talking point in the CBDC space with the regional digital currency initiatives that take shape in places like the Caribbean and Asia.
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