Working on phased introduction of own digital currency, says RBI deputy governor

NEW DELHI: The Reserve Bank of India (RBI) is working on phased introduction of such currencies, its deputy governor of RBI T Rabi Sankar said on Thursday.
Delivering a speech at an online discussion, Sankar said that the idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards it.
The RBI is considering certain pilot programs for the proposed CBDC and is in process of launching it in wholesale and retail segments in the near future, he added.
The central bank has been exploring the pros and cons of introduction of CBDCs since quite some time now.
Sankar assured that the RBI was examining cases which could be implemented with little or no disruption in the banking system and the monetary policy.
What is CBDC
According to RBI, CBDC is a legal tender issued by a central banking digital form. It is same as fiat currency and is…

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