Reserve Bank of India mulls first steps toward an eventual CBDC
July 22, 2021. Summarized by summa-bot.
Compression ratio: 29.3%. 1 min read.
There is research and testing still to be done but the Deputy Governor of India's RBI said “Perhaps the time for CBDCs is nigh.”
The Reserve Bank of India, or RBI, continues to investigate the issuance of a central bank digital currency, or CBDC.
T Rabi Sankar, the deputy governor of RBI, said in a speech organized by the Vidhi Center for Legal Policy that private digital currencies could be part of what makes CBDCs ultimately necessary.
He felt that the RBI’s development of it’s own CBDC could provide the public with many of the same uses as digital currencies such as Bitcoin, while limiting the average user’s exposure to volatility.
“Indeed, this could be the key factor nudging central banks from considering CBDCs as a secure and stable form of digital money….
Sankar continued that the RBI is currently looking at a phased implementation strategy, and examining cases where a CBDC could be put into practice with little to no disruption of the bank’s status quo.
The official detailed a number of issues that would need to be examined before CBDC implementation could truly be considered.