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RBI digital currency pilot launch likely in FY23
November 18, 2021
The Reserve Bank of India (RBI)’s digital currency will likely see its pilot launch early next financial year. According to a senior RBI official, the first central bank digital currency (CBDC) pilot launch will take place in the first quarter of FY23, reported Business Standard.
Speaking at the State Bank of India (SBI)’s annual Banking & Economic Conclave on November 17, P Vasudevan, Chief General Manager, Department of Payment and Settlement, RBI, said: “I think somewhere it was said that at least by the first quarter of next year a pilot could be launched. So, we are bullish on that.”
The RBI had earlier said that it is working on a phased introduction of its own digital currency and is thinking about pilot projects in wholesale and retail segments in the future.
Many countries have already introduced specific purpose CBDCs in the wholesale and retail segments.
RBI Deputy Governor T Rabi Sankar had said earlier this year that the “introduction of CBDC would possibly lead to a more robust, efficient, trusted, regulated and legal tender-based payments option. There are associated risks, no doubt, but they need to be carefully evaluated against the possible benefits”.
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