Reserve Bank of India to Launch a Pilot Test for CBDC in 2022

November 19, 2021

Reserve Bank of India


The Reserve Bank of India (RBI) is inspecting the attainability of a central bank digital currency (CBDC) and may dispatch a pilot project in the financial year April 2022 to March 2023, a senior RBI official said, as per a local media report. 

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A CBDC is a digital offshoot of a lawful tender given by the central bank with likely wide use by families and organizations to make payments and store esteem. The CBDC might help state-run administrations airdrop cash straightforwardly into the pockets of the destitute during seasons of pressure like last year’s Covid initiated a country-wide lockdown. 

I think someplace it was said that essentially by the principal quarter of the following year, a pilot could be dispatched. We are bullish on that, said P. Vasudevan, chief general manager at the Department of Payment and Settlement of the RBI, said at the State Bank of India’s Banking and Economic Conclave on Wednesday. 

<h2>Reserve Bank of India is Currently Identifying Issues Related to CBDC</h2>

In the interim, the RBI is at work and investigating the different issues, and issues identified with CBDC like distribution and validation mechanisms and potential targets discount/retail, Vasudevan said. The central bank is likewise checking if intermediaries can be skirted by and large, and in particular, checking if the innovation ought to be decentralized or ought to be semi-centralized, Vasudevan added. 

China seems to be driving the worldwide competition to dispatch a digital currency, having disseminated 10 million digital yuan to Shenzhen citizens a year prior. China’s CBDC has been utilized to lead 62 billion yuan ($9.7 billion) of exchanges as of the finish of October, an official from the People’s Bank of China said. 

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