In a recent development about the status of India’s Central Bank Digital Currency, Deputy Governor T. Rabi Sankar confirmed today that the Reserve Bank of India (RBI) is planning to launch its model for operations of fiat digital currencies by the end of 2021.
“It will be difficult to pin a date on it (introducing DC). We should be able to come out with a model shortly, probably by the end of this year,” Sankar told reporters at the post-policy review press conference.
Digital lenders suicide rate data
Amid RBI’s crypto crackdown, RBI Governor Shaktikanta Das warned against the risks of private, unregulated cryptocurrencies. Furthermore, he shared that the RBI had gathered a task force to study and analyze the suicide rate of borrowers online due to the digital lender system. He updated the press that the study is in the final stage and will be submitted to the RBI by the end of August for decision-making to take foreseeable action.
Phased rollout of RBI’s CBDC
Deputy Governor T. Rabi Sankar’s 22nd July speech already made it clear that RBI is determined to launch its own CBDC sooner than later. Sankar also stated that once the operation model is decided, India will look at a phased introduction of its digital currency. He highlighted that it is high time India hops on to the CBDC wagon, as first-world countries are already passing their initial phases of digital currency launches.
Sankar mentioned the Bank of International Settlements (BIS) report to highlight that 86% of central banks in the world are researching CBDC, 60% are experimenting with it, and 14% of central banks are already in the pilot testing phase.
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“RBI has been exploring the pros and cons of the introduction of CBDCs for quite some time…RBI is currently working towards a phased implementation strategy and examining use cases which could be implemented with little or no disruption to India’s banking or monetary systems.”, said Sankar.
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