The Reserve Bank of India may start a preliminary central bank digital currency (CBDC) experiment before the end of the year.
Shaktikanta Das, Governor of the Reserve Bank of India, said in an interview with CNBC on Thursday Said The central bank is “very cautious” in dealing with the potential digital rupee, even if its counterparts around the world are exploring their own sovereign digital currency.
According to Das, the focus of the Reserve Bank of India is to study the potential impact of the digital rupee on the Indian financial industry, and issues such as monetary policy control have been put on the agenda.
In terms of technology, the Governor of the Reserve Bank of India also revealed that the central bank is weighing the advantages of using a centralized or decentralized ledger for its proposed CBDC.
Das provided a possible timetable for the next phase of the project. He said: “I think by the end of this year, we should be able to […] We will be in a good position and may be able to start our first experiment. “
The comments of the Governor of the Reserve Bank of India are consistent with the recent comments of other central bank officials in the country on the progress of the planned digital rupee project.
As Cointelegraph previously reportedRabbi Sankar, deputy governor of the Reserve Bank of India, said in July that the central bank is inclined to develop a phased implementation strategy for its CBDC projects.
As global financial institutions such as the Bank for International Settlements promote CBDC as a counterattack against cryptocurrencies and private stablecoins, several central banks are developing their own national digital currencies.
According to data from the Atlantic Council in July, countries accounting for 90% of global GDP are in Several stages of CBDC exploration.
Among the major economies in the world, China has continued to lead the CBDC competition through a number of pilot programs to incentivize the adoption of its electronic yuan.Other countries in Asia are also Advance their digital currency plan.
International cooperation is also another major topic in the CBDC field, and regions such as Asia and the Caribbean are forming regional digital currency plans.