It will take quite some time before India sees the "full-fledged" launch of its CBDC as the RBI insists on a cautious approach to ensure the integrity and stability of the e-rupee.
Reserve Bank of India achieves a significant milestone as the digital rupee pilot surpasses 1 million daily transactions, but controversies surrounding strategies and incentives spark concerns.
Under the wholesale CBDC pilot, the RBI will test the viability of atomic settlements using blockchain plus the additional functionality of smart contracts for programmability.
The Reserve Bank of India is planning upgrades for its digital rupee to encourage wider adoption, including offline payments and integration with Unified Payments Interface.
RBI Governor Shaktikanta Das encourages Indian fintech firms to create a self-regulatory organization (SRO) for innovation and consumer protection, aiming to foster trust and reduce regulatory burdens.
The Reserve Bank of India is keen on experimenting with multiple CBDC use cases outside the purview of domestic payments, according to the Economic Times.
Shaktikanta Das, head of the Reserve Bank of India, says that the best way to regulate the industry is to introduce gambling legislation to control digital assets.
Instead of speculative coins, RBI Governor Shaktikanta Das says CBDCs will address the growing 'cryptoization' of the economy while providing benefits in the financial and payments industry.
The Reserve Bank of India insisted on banning digital assets due to heightened risks, as it continues to warn potential investors of the consequences of jumping onboard the highly volatile market.
Reserve Bank of India Governor Shaktikanta Das reminded that before the market crash, the RBI had been warning of the risks involved in investing in digital currencies, according to local reports.
The project will be the country's first digital currency trial initiative according to the 25th Governor of the Reserve Bank of India, Shaktikanta Das.
