Cautious CBDC Rollout Urged by Reserve Bank of India Governor

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by Giorgi Kostiuk

2 years ago

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  1. Caution Urged by Shaktikanta Das
  2. Launch of India's CBDC Pilot
  3. Current Status and Future of the E-Rupee


    4. The central bank digital currency (CBDC) in India has attracted attention after surpassing 5 million users in its pilot project. Reserve Bank of India Governor Shaktikanta Das called for a cautious rollout.

    Caution Urged by Shaktikanta Das

    Speaking at a conference in Bangalore on August 26, Reserve Bank of India Governor Shaktikanta Das emphasized the need for a cautious approach to the full-scale rollout of the e-rupee. He highlighted the importance of understanding the impact of CBDC on users, monetary policy, and the broader financial system. Das mentioned that comprehensive insights from pilot data are crucial before moving forward with wider implementation.

    Actual introduction of CBDC can be phased in gradually. Undoubtedly, CBDC has the potential to underpin the payment systems of the future, both for domestic payments and also cross-border payments.Shaktikanta Das, Reserve Bank of India Governor

    Launch of India's CBDC Pilot

    Launched in December 2022, the RBI’s CBDC pilot covers both retail and wholesale segments. The pilot currently involves 16 participating banks. The project has expanded to include testing of offline functions and programmability features. According to Das, the programmability feature could become a key enabler for financial inclusion by ensuring the delivery of funds to targeted users.

    Current Status and Future of the E-Rupee

    The adoption of the e-rupee has been sluggish. By late June, the Reserve Bank of India reported 1 million retail transactions, achieved after introducing incentives and partially paying employee salaries in digital currency. Banks were previously urged to increase transactions to 1 million per day by late 2023 to test system scalability. However, this push has ceased, casting doubt on the future of the digital currency initiative due to the gap between incentivized metrics and actual user adoption.

    With a cautious approach to rolling out digital currencies, the adoption of the e-rupee continues to expand through the pilot project. Shaktikanta Das emphasized the importance of thorough data analysis and a phased rollout to ensure the safety and efficiency of new technologies.

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