Mumbai: Governor of Bank of India Shaktikanta Das reaffirms on Friday that the central bank can launch the digital currency pilot in December 2021.
However, the RBI has not finished whether it will launch a currency that uses distributed Large Book Technology (DLT) or a ledger Centralized.
DLT is a platform where the cryptocurrency is based, allowing them to be held and traded without the Central Authority.
The statement by the watershed shows that the RBI is on track with his plan for the central bank’s digital currency (CBIC).
“We are very careful because it is truly a new product, not only for RBI, but globally,” said the watershed to TV channels.
He said that the RBI was studying various aspects of the digital currency, including its security, had an impact on the Indian financial sector and how it would affect monetary policy and circulating currencies.
In an interview, the DAS said that monetary policy could change direction if there was a durable recovery sign.
He said that there was currently a gap in capacity utilization in India and there were slack in the economy, he did not see signs of stagphlation.
During the monetary policy press conference on August 6, Deputy Governor of RBI T Rabi Sankar said that the central bank would come out with fashion for Fiat digital currency operations at the end of the year.
Two weeks before monetary policy, Sankar said that every central bank in the world is likely to launch a digital currency and say time for them now.
The launch of the Digital RBI currency came when having an increasing concern for the increasing popularity of Cryptocurrency.
Although the Supreme Court has raised a prohibition of banks that provide services to companies that deal with Cryptocurrency, banks are reluctant to support the business with their regulator discomfort.