Mumbai: Bank of Digital India’s reserve can see the launch of the pilot in the first quarter of the next fiscal year, said a senior central bank officer at the Bank of Banking and the Conclary economy as reported by local newspapers.
“I think somewhere said that at least in the first quarter of next year the pilot can be launched.
So we bullish about it,” Business Standard Newspaper Quoted by P.
Vasudevan, General Manager Head in the Payment & Completion of the RBI department.
The central bank’s digital currency, or (CBDCs) is a digital or virtual currency basically digital version of Fiat currency, for India which will be a rupee of its domestic currency.
Previously, the central bank governor said the CBDC soft launch could be expected in December but there was no official timeline committed by the RBI.
“We are in work and we are looking for various problems and nuances associated with CBDC.
It’s not a simple thing to say that CBDC can be a habit from tomorrow,” Vasudevan said, adding that CBDC can be useful roles depending on how it is applied and it shouldn’t in a hurry to launch it.
Vasudevan said the RBI was examining various problems related to the segment that must be targeted by the CBDC – wholesaler or retail, the mechanism of validation and distribution problems.
“The central bank also checks whether intermediaries can be passed at all, and most importantly, check whether the technology must be decentralized or must be semi-centralized,” said RBI CGM.
RBI has repeatedly raised concerns over cryptocurrency which pose a risk of macro-economic and financial stability.