The Reserve Bank of India may commence CBDC pilot in December

The Indian central bank could commence preliminary central bank digital currency (CBDC) trials before the end of the year.

The Reserve Bank of India may commence CBDC pilot in December

While speaking to CNBC on Thursday, RBI governor Shaktikanta Das said that the central bank was being extremely careful in its handling of a potential digital rupee even as its counterparts around the world are exploring their own sovereign digital currencies.

The RBI’s focus is on examining the potential impact of a digital rupee on India’s financial sector with issues like monetary policy control high on the agenda, according to the governor.

Das also revealed that the central bank was weighing the merits of utilizing a centralized or decentralized ledger for its proposed CBDC.

The RBI governor’s comments are in keeping with recent remarks from other central bank officials in the country about the progress of the planned digital rupee project.

back in July, RBI deputy governor Rabi Sankar stated that the central bank was leaning towards a phased implementation strategy for its CBDC project.

With global financial bodies like the Bank for International Settlements pushing for CBDCs as a counter to cryptocurrencies and private stablecoins, several central banks are developing their own national digital currencies.

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