RBI may pilot digital currency in the first quarter of next year

Indian-Cryptocurrency-RBI-Ban
  • The Reserve Bank of India may do a pilot of its central bank digital currency in the first quarter of the next fiscal year.
  • While many see CBDCs as a legalised replacement of cryptocurrencies, in reality, CBDCs could just be a digital replica of the physical cash in circulation.
  • According to a 2021 BIS survey, quoted in the RBI report, 86 percent of the central banks surveyed are actively researching the potential for CBDCs, 60 percent were experimenting with the technology and 14 per cent were deploying pilot projects.
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