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.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now