The Reserve Bank of India (RBI) Intendsย to Launch Pilot of Monetaryย Authority Digitalย currency (CBDC)
The Reserve Bank of India (RBI) is set to launch the pilot of its Monetaryย Authority Digitalย currency (CBDC) for interbank borrowing or call money market transactions by October, according to Ajay Kumar Choudhary, Executive Director of the monetaryย authority. The pilot of the wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), was atย theย beginning launched on November 1, 2022, for the settlement of secondary market transactions in Government securities. Choudhary stated that the introduction of the wholesale CBDC in the call market isย gonnaย come either theseย 30ย days or next 30ย days. The RBI has selected nine banks for its pilot project for wholesale CBDC, and it has already rolled out a pilot for the retail version of the CBDC (e-R) on December 1, 2022.
Showcasing Digital Initiatives at the G20 Summit
The RBI is showcasing numerous digital initiatives in the financial sector at the exhibition pavilion during the G20 Summit. These initiatives include the Public Tech Platform (PTP) for Frictionless Credit, CBDC, UPI One World, RuPay On-The-Go, and Bharat Bill Payment System.
Hot Take
The RBIโs intendsย to launch the pilot of its Monetaryย Authority Digitalย currency (CBDC) demonstrate its commitment to exploring digital innovations in the financial sector. As worldwide discussions on CBDCs continue toย win momentum, this move positions India as an active participant in the digitalย currency landscape. By implementing a wholesale CBDC and a retail version, the RBI intendsย to expandย the efficiency, security, and accessibility of financial transactions. This development marks a wholeย lotย of step towards a digital future for the Indian economy, with probable implications for the broader adoption of CBDCs worldwide.
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