According to a Deloitte report released on Wednesday, the Reserve Bank's proposed Central Bank Digital Currency (CBDC) will play a critical role in improving transaction speed and lowering cash costs.

In 2022-23, the Reserve Bank of India intends to launch a central bank-backed digital currency based on blockchain technology. CBDCs, as a financial services innovation, are likely to play a pivotal role in shaping the "future of value transfer," according to the report, which adds that most central banks around the world are now in various stages of evaluating the launch of their national digital currencies.

 "CBDCs provide a more resilient, innovative, and competitive payment system for households, businesses, and economies due to their inherent potential to change the way value transfer occurs," said Monish Shah, partner, Deloitte India.

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