India cenbank may launch digital currency pilot next year-report

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MUMBAI, Nov 18 (Businesshala) – The Reserve Bank of India’s digital currency could see its pilot launch in the first quarter of the next fiscal year, a senior central bank official said at the State Bank of India’s banking and economic conference. local newspaper.

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Business Standard newspaper quoted P. Vasudevan, Chief General Manager, Department of Payments and Settlements as saying, “I think somewhere it was said that a pilot could be launched at least by the first quarter of next year. So. We’re excited about it.” As stated by RBI.

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Central Bank Digital Currencies, or (CBDCs) are digital or virtual currencies originally a digital version of fiat currencies for India, which would be its domestic currency, the rupee.

Earlier, the central bank governor had said that a soft launch of a CBDC can be expected by December, but no official timeline has been given by the RBI.

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“We are at work and we are looking into various issues and nuances related to CBDCs. It is not easy to say that CBDCs may become habit from tomorrow,” Vasudevan said. Depends on how it’s implemented and shouldn’t be in any rush to launch.

Vasudevan said the RBI is examining various issues as to which segment the CBDC should target – wholesale or retail, verification mechanisms and distribution channels, among other issues.

“The central bank is also examining whether intermediaries can be completely bypassed, and more importantly, whether the technology should be decentralized or semi-centralised,” the RBI CGM said.

RBI has repeatedly expressed concern over cryptocurrencies posing macro-economic and financial stability risks.

Reporting by Swati Bhat; Editing by Kim Coghill

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