The Reserve Bank of India (RBI) Governor Shaktikanta Das on March 6 said the central bank doesn't have a timeline or a target date to launch Central Bank Digital Currency.
“We want to be sure about safety and integrity of digital currency. we are learning from our experiences, new challenges coming up with regards to technology and safety features and speed of transactions,” Das said in an interview to ET Now.
The RBI launched the wholesale pilot for CBDC on November 1 to settle trades of G-Secs using the digital rupee.
Nine banks — Bank of India (SBI), Bank of Baroda (BoB), Union Bank of India (UBI), HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC — have been identified to participate in the pilot.
The central bank rolled out a pilot for retail use of CBDC on December 1, 2022.
The RBI had completed the interoperability with the Unified Payments Interface (UPI) QR codes, and now the focus would be on transactions, he added.
With interoperability, customers can send funds from a CBDC wallet or directly from a bank account using a single QR code.
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