Sunday, 19 September, 2021

RBI mulling phased introduction of digital currency

RBI mulling phased introduction of digital currency

Popular News

NEW DELHI: The Reserve Bank of India (RBI) is working on a strategy to introduce a central bank digital currency (CBDC) in a phased manner, deputy governor T. Rabi Sankar said on Thursday.

The central bank is examining key issues around this such as should CBDC be only used in retail payments or in wholesale payments too; should it be directly issued by the RBI or through banks, Mint newspaper reported.

“However, conducting pilots in wholesale and retail segments may be a possibility in the near future,” Sankar said while addressing a webinar organised by the Vidhi Centre for Legal Policy, report agencies.

He added that CBDC is a virtual currency, but not comparable with the private virtual currencies that have come up over the past decade. To include CBDC in India’s cash and digital payment methods, the RBI is framing considerations for the legal framework, Sankar said.