The Reserve Bank of India (RBI) may come out with a model on initial implementation of Central Bank Digital Currency (CBDC), as early as the end of this year.
On 6th August, 2021, the deputy governor T Rabi Sankar said at the post-Monetary Policy Committee (MPC) press conference, “These CBDC are extremely evolving technologies and business choices that one has to make, and therefore it’s difficult to put a date, but we should be able to come up with a model in the near future probably by the end of this year.”
We are evaluating the issue of scope, technology, distribution and validation mechanism etc.” Sankar said. Earlier in July, Sankar had said that RBI is working toward a “phased implementation strategy” of CBDC in India where a pilot to test a general-purpose digital currency is a possibility in the near future, he further added.
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