The Reserve Bank of India plans to introduce the digital central bank currency (CBDC) within the annual period starting this year and covering 2023.
The Reserve Bank of India, which has been evaluating the pros and cons of issuing a national digital currency for a while, continues its pilot studies on the subject.
According to the statements made by T Rabi Sankar, Deputy Governor of the Reserve Bank of India, the introduction of digital central bank money into the economy, will take place gradually.
According to The Economic Times, Sankar “Our digital central bank money will be introduced gradually so that it does not cause any problems in the financial and banking system.” said.
While doing research on CBDCs, the Reserve Bank of India “monetary policy and financial stability” It seeks to find a model that will fit, and that this model works in harmony with the money and payment systems currently in use.
To create the necessary legal basis for digital central bank money, the government Financial Bill of 2022 and made changes in the Reserve Bank of India Act of 1934.