Reserve Bank of India Examines CBDC Possibilities

e_abrams

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After spending months first considering whether to ban cryptos, then how to tax them big time, India is now focused on creating its own digital currency. The Reserve Bank of India is the latest regulator that has decided to explore optimal possibilities of a CBDC.

The Bank recently released a Payment and Settlement Systems in India” booklet which refers to the issuing of a CBDC.

Private digital currencies (PDCs) / virtual currencies (VCs) / cryptocurrencies (CCs) have gained popularity in recent years… Nevertheless, RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalize it.” said the RBI.

The RBI governor has, however, said that it is actually too early to act due to an insufficient technological standard in the face of India’s vast geographical diversity and economic divide. The challenge would be collosal.
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I think even though the challenge is, indeed, massive, they will do it eventually. CBDCs are the future, it seems.