The Reserve Bank of India has unveiled plans to launch the country’s digital currency in the first quarter of next year. This was disclosed by the apex bank at the State Bank of India’s Banking and Economic conference
The bank’s Governor, Shaktikanta Das, stated that although, no official date or timeline has been chosen, a soft launch of the digital currency could be implemented by December.
The Chief General Manager at the Department of Payment & Settlement, P. Vasudevan is however, optimistic that by the first quarter of next year a pilot CBDG would be launched.
He disclosed further that the planned launch is on course as the bank is looking into various issues related to the CBDC such as which segment the CBDC should target(wholesale market or retail market), the device or process to be used, and other issues including distribution channels.
He added that the digital currency would have significant impact on the nation’s monetary system depending on how it is implemented and there should be no hurry to launch it.