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RBI to launch digital rupee pilot program

According to a report that was issued on October 7, including fifty pages, the Reserve Bank of India (RBI) is taking steps toward beginning a digital rupee pilot and has indicated important elements that would be included in the central bank digital currency (CBDC).

The Reserve Bank of India has announced that it would “soon” launch a pilot programme for the Digital Rupee and that it would communicate about the features and advantages of the programme “from time to time.” However, we have been very careful in our disclosure of several essential aspects.

The report differentiates between retail and wholesale use cases, for customers and for bank-to-bank transfers, and indicates that both retail and wholesale use cases may be implemented in the future.

In addition to this, various other models for issuing CBDCs are discussed, including one in which a wholesale CBDC would be based on accounts and issued by the central bank, but a CBDC for consumers would be based on tokens and handled by an intermediary.

The technology that will underpin the digital rupee is still in development. The Reserve Bank of India (RBI) is keeping the door open in the event that they decide to adapt to the decentralised technology as it develops.

The report investigates several alternatives and seeks to increase awareness about CBDCs by presenting “compelling reasons” that make a national digital currency “just as desirable as cash, if not more so.” Nevertheless, the concept paper acknowledges the possible risks and suggests approaching the pilot programme in a systematic way.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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