Stating that it is open to other technologies, the Reserve Bank of India said that there is a possibility that the digital rupee, which is expected to be issued until 2023, cannot be produced with blockchain technology.
Indian Finance Minister Nirmala Sitharaman has announced that the central bank will be ready to launch the digital rupee, a blockchain-based central bank digital currency (CBDC) before March 2023.
However, T. Rabi Sankar, Executive Director of the Reserve Bank of India, on February 10 In his statement, he explained that the central bank is open to other technologies as well.
The central bank of India has not yet stepped up its digital rupee work. RBI President Shaktikanta Dasshared that the cautious approach of the institution is due to the innovation of the concept. He emphasized that cybersecurity and the possibility of fraud are the biggest issues that need to be addressed before launch, emphasizing that it carries a lot of risk.
Although there is no exact date for the digital rupee, it is reported that the works will be completed by 2023, which is the announced date.