In a major step towards the adoption of Reserve Bank Digital Currency (CBDC), the governor of RBI Shaktikanta Das said that the central bank of India may launch its first digital currency trial programs by December.
It is pertinent to note that, central banks around the world are exploring digital currencies. For example, central banks in China, Europe and the UK are exploring digital currencies that would be issued by them, either to commercial lenders or to the public directly. It’s no secret that the Reserve Bank of India (RBI) has been doubling down on its efforts to launch a central bank digital currency (CBDC) or what could be known as a digital rupee in the coming future.
Now, the RBI governor has revealed that the pilot of the central bank digital currency could begin as early as December 2021. “The Reserve Bank of India may launch its first digital currency trial programs by December," He also pointed out that the RBI is extremely careful about the project since it’s completely a new product ‘not just for RBI, but globally’. “I think by the end of the year, we should be able to start our first trials," he was quoted as saying.
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