Reserve Bank of India Deputy Governor, T Rabi Sankar confirmed that India’s CBDC will be rolled out this year. Rabi Sankar also clarified that the CBDC would be rolled out in phases.
Sankar said, “The process of introduction of the Indian CBDC will be gradual.”
These comments about India’s Central Bank Digital Currency were made by the Rabi Sankar during a press conference after the RBI Monetary Policy Committee (MPC) meet.
It is worth noting that in its annual report released last week, the Reserve Bank of India indicated that it would implement the Central Bank Digital Currency in the country using a "graded approach."
Finance Minister Nirmala Sitharaman indicated in the Union Budget for 2022 that India's Central Bank Digital Currency, the "Digital Rupee," will be launched in 2022-23 using blockchain and other technologies.
Central Bank Digital Currencies (CBDC) are central bank-issued digital tokens akin to cryptocurrencies. They are tied to the value of the fiat currency of that country.
Several countries are currently creating CBDCs, and a few have even implemented them. China was the first country to do so.
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