India's CBDC

India’s CBDC will be gradually launched in FY23, according to the RBI’s deputy governor.

India's CBDC will be gradually launched in FY23, according to the RBI's deputy governor. 50 trx buyucoin | BuyUcoin

T Rabi Shankar, deputy governor of the Reserve Bank of India (RBI), stated in a news conference on Wednesday that the central bank is intending to deploy a central bank digital currency (CBDC) in stages this fiscal year.

India’s CBDC Fast facts

  • According to the Economic Times, Sankar stated, “The process of [the] adoption of India’s CBDC would be gradual so that there is no interruption [to] the financial and banking sector.”
  • In its annual 2021-2022 report, the RBI said that the digital rupee design must conform with India’s monetary policy and financial stability objectives while causing no disruption.
  • Before the CBDC is implemented, proofs-of-concept and pilots will be conducted, according to the annual report.
  • In the Finance Bill 2022, the RBI Act of 1934 was changed to establish the legal foundation for CBDC issuance.

Source: Yahoo Finance

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