Moving towards CBDC

07 NOV,2022 | MEDC


RBI started the first pilot of Central Bank Digital Currency (CBDC) for the wholesale segment. This marks an important milestone in India's financial history. RBI identified nine banks for participation in this pilot. The pilot for the digital rupee in the retail segment is expected to begin within a month in select locations and in closed user groups comprising customers and merchants. RBI's concept note said that the digital rupee will provide an additional transactional option to the currently available monetary choices. All presently available information points in the direction of CBDCs benefiting secondary market transactions in government securities. With CBDCs aimed to complement, rather than replace, the current forms of money, this is a step in the right direction. But constant vigilance is imperative.

*Picture Credit: Google 

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