Reserve Bank of India(RBI) is launching a CBDC pilot for specific use cases.
The RBI announced in November 2021 that it would launch its central bank digital currency (CBDC) project. RBI was planning to launch the first CBDC by December. However, the CBDC launch had to be postponed as there was no official timeline and roadmap committed by the RBI. After a long time, the CBDC project came up again.
India to Start Using Digital Rupee
Reserve Bank of India(RBI) will soon begin limited pilot launches of the central bank-backed digital rupee for certain use cases.
According to the news in Reuters, RBI said that a digital currency in the form of wholesale could make settlement systems more efficient and secure. At the same time, it was announced that a retail e-rupee would offer safer digital payment tools for citizens.
RBI made the following statements in connection with the CBDC project they plan to launch:
“It is the responsibility of the central bank to provide its citizens with a risk-free central bank digital currency that will provide users with the same experience of transacting with currency in digital form, without any of the risks associated with private cryptocurrencies.”
