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In a position to start testing, running pilot CBDC projects: RBI Deputy Governor

Apr 08, 2022 03:15 PM IST

"The regulator wants to ensure that it introduces CBDCs in a manner which is non-disruptive," T. Rabi Shankar said.

The central bank deputy governor further said that 87 countries globally, accounting for 90% of world GDP, are in some way or the other, looking actively at CBDCs.

The Reserve Bank of India (RBI) is in a position to start off with testing and running pilot projects of Central Bank Digital Currency (CBDC) now that the legislative enablement has been done by the government, RBI Deputy Governor T. Rabi Shankar told reporters in a post monetary policy committee press conference on April 8.

This is in line with Finance Minister Nirmala Sitharaman’s Budget announcement that the RBI will launch CBDC in the present fiscal. CBDC is a digital form of fiat currency.

Addressing reporters today, Shankar said the approach that RBI will take towards CBDCs will be calibrated and nuanced. “We will probably start off with one pilot and move on from one to the other. The wholesale segment is probably the first one we will try out as it will be the easiest to implement. The other segments are more technology-intensive,” he said.

The regulator wants to ensure that it introduces CBDCs in a manner that is non-disruptive, he added.