India could start CBDC trials by the end of 2021

Friday 27 August 2021 13:34 CET | News

The Reserve Bank of India may launch its first digital currency trial programs by December 2021, according to representatives.

Representatives said that the bank is being extremely careful about the CBDC because it is completely a new product. The RBI is studying various aspects of a digital currency including its security, impact on India’s financial sector as well as how it would affect monetary policy and currency in circulation, according to the governor.

The central bank is also exploring the choice between having a centralised ledger for the digital currency or the distributed ledger technology (DLT). The bank is working toward a phased implemental strategy for a digital currency.

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Keywords: central bank, CBDC, Reserve Bank of India, digital currency, DLT
Categories: Banking & Fintech
Countries: India
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