Shaktikanta Das says in no rush to launch the CBDC, RBI 'still on the learning curve'

Shaktikanta Das says in no rush to launch the CBDC, RBI 'still on the learning curve'

RBI Governor Shaktikanta Das said on November 6 that the regulator is no hurry to formally launch the Central Bank Digital Currency (CBDC), even as the pilot program has shown significant progress in both retail and wholesale segments.

Calling the CBDC pilot still in the 'experimental stage', Shaktikanta Das said the central bank is still on the learning curve. "We are not in hurry to launch the CBDC. We will launch it when we are fully satisfied."

The wholesale CBDC - introduced in November 2022 - is used to settle inter-bank transactions in government securities.

The retail pilot for CBDC has already expanded to include multiple banks, with eight banks initially chosen to participate. Users access the e-Rupee through a digital wallet provided by participating banks, with features similar to physical cash such as security and settlement. Unlike bank deposits, CBDC holdings do not earn interest, and can be converted back into traditional currency​.