India is stepping up its efforts to build its own central bank digital currency [CBDC], despite a lack of regulatory clarity on the subject.
The Reserve Bank of India, Deputy Governor, T Rabi Sankar, believes that a blueprint for a future CBDC might be launched by the end of 2021.
The RBI is now examining the scope, technology, distribution, and validation method, according to the executive during a recent news conference.
Sankar continued,
“These are extremely involving technology and business choices that one has to make. So, it will be difficult to pin a date on it (central bank digital currency) but we should be able to come out with a model in the near future, probably by the end of this year.”
A CBDC roll-out will be staggered, according to the Deputy Governor.
His most recent comments, however, suggest that CBDC trials or a pilot program for the wholesale and retail sectors will be available soon.
China has been looking at CBDCs since 2014, according to reports. However, the world is only now learning about its advanced degree of development.
The country spent more than two years constructing its Digital Currency Electronic Payment [DCEP] system, which is now being tested.
The People’s Bank of China [PBOC] approved theoretical use trials of the digital yuan in numerous regions in April 2021, including Beijing’s Xiong’an New Area, Shenzhen, Suzhou, Chengdu, and the Beijing 2022 Winter Olympic Games sites.
Despite numerous testing, the Chinese government has failed to announce a date for the digital yuan’s implementation.
India’s bank authorities, on the other hand, are optimistic that a model would be produced before the year’s end.
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