India’s central bank, RBI, has announced that it plans to launch a pilot version of CBDC by December 2021. RBI governor Shaktikanta Das said the first tests would be launched bу the end of this уear, and more details about the plan will come out in early 2022.
CNBC spoke with Das, who said that central banking is closely monitoring various aspects of digital currencies, including their safety and possible impact on India’s financial industry.
We are being extremely careful about it because it’s completely a new product, not just for RBI, but globally.
He said.
The RBI is also planning on launching its own cryptocurrency next year. It hopes that by doing so, it can improve the speed of transaction processing and cut down costs for banks as well as businesses using their services.
Related: India’s Central Bank Plans To Begin CBDC Testing
The rise of CBDC has been a hot topic in the world of cryptocurrency and blockchain technology. Many people believe that it will be one of the most significant technological advancements in the last decade. The reason for this is because more and more central banks are starting to explore this option as an alternative form of payment, which could eventually lead to a widespread adoption throughout the global financial system.
More and more central banks around the world are considering issuing their own cryptocurrencies. Recently, the European Central Bank announced that it was starting a study phase for its own Digital Euro project. The ECB will be partnering with an unnamed company to work on this project.
In addition, China is also working on launching a CBDC – China’s digital currency would be known as “DCEP” (China Digital Currency). Finally, in March of 2019, the UK Treasury released a report stating that it planned to begin creating its own CBDC later in 2020.
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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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