India cenbank may launch digital currency pilot next year-report – Reuters India

0
3

A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS/Edgar Su/File Photo/File Photo
MUMBAI, Nov 18 (Reuters) – The Reserve Bank of India's digital currency may see its pilot launch in the first quarter of the next fiscal year, a senior central bank officer said at the State Bank of India's Banking and Economic Conclave as reported by a local newspaper.
"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 Business Standard newspaper quoted P. Vasudevan, chief general manager at the Department of Payment & Settlement of the RBI as having said.
Central bank digital currencies, or (CBDCs) are digital or virtual currencies are basically the digital version of fiat currencies, for India that would be its domestic currency rupee.
Previously, the central bank governor had said a soft launch of the CBDC could be expected by December but there has been no official timeline committed to by the RBI.
"We are on the job and we are looking into the various issues and nuances related to CBDC. It's not a simple thing to just say that CBDC can be a habit from tomorrow on," Vasudevan said, adding that a CBDC could have a useful role depending on how it is implemented and there should be no hurry to launch it.
Vasudevan said the RBI was examining various issues related to which segment the CBDC should target – wholesale or retail, the validation mechanism and also other issues including distribution channels.
"The central bank is also checking if intermediaries can be bypassed altogether, and most importantly, checking if the technology should be decentralized or should be semi-centralised," the RBI CGM said.
The RBI has repeatedly raised concerns over cryptocurrencies posing macro-economic and financial stability risks. read more
Our Standards: The Thomson Reuters Trust Principles.
Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2021 Reuters. All rights reserved

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here