Tue. Dec 7th, 2021
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The Reserve Bank of India’s digital currency pilot could be launched in the first quarter of the next financial year. According to a newspaper report, this was stated by a senior official at the State Bank of India’s Banking and Economic Summit. Business Standard newspaper Vasudevan, quoting the RBI’s chief general manager of the Department of Payments and Settlements, wrote, “I think somewhere it was said that the pilot should be launched by the first quarter of next year. That is why we are excited. about it.” Central Bank Digital Currencies (CBDCs) will be digital or virtual currencies only. It will basically be a digital version of the Fiat currency, the rupee in India. That is, it could be a kind of digital rupee. Earlier, the central bank governor had said that a soft launch of CBDC could be expected by December, but the RBI has not given any official deadline.

Vasudevan said The CBDC may have a useful role to play, depending on how it is implemented. There should be no rush to launch it. We are at work and looking at various issues and nuances related to CBDC. Vasudevan said the RBI was examining various issues such as which part of the CBDC should be targeted, wholesale or retail. Matters relating to its authenticity and method of distribution channels are also being looked into. The RBI’s CGM said the central bank was also examining whether intermediaries could be completely bypassed and, most importantly, whether the technology should be decentralized or semi-centralized.

The RBI has repeatedly expressed concern over cryptocurrencies, which pose risks such as macroeconomic and financial stability. Prime Minister Narendra Modi has also spoken on this in the Sydney Dialogue. Prime Minister Narendra Modi has called on world democracies to work together to ensure that cryptocurrencies like Bitcoin do not fall into the wrong hands. Citing the example of cryptocurrency like Bitcoin, the PM said that all democracies should work together on it and ensure that it does not fall into the wrong hands, otherwise it could harm our youth.

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