India’s central bank, the Reserve Bank of India (RBI), has released a concept note on the country’s proposed central bank digital currency (CBDC). The concept note discussed key issues such as technology and design choices, possible uses of Digital Rupee (e₹), and issuance mechanisms, among other things. The RBI will soon begin work on the […]
The concept note discussed key issues such as technology and design choices, possible uses of Digital Rupee , and issuance mechanisms, among other things. The RBI will soon begin work on the pilot project.
The note also informed that the body aims to work step by step for different stages of pilots before the digital currency is finally launched. It also underlined the need to identify “innovative methods and compelling use cases that will make CBDC as attractive as cash if not more.”A CBDC, as a sovereign currency, holds unique advantages of central bank money viz. trust, safety, liquidity, settlement finality and integrity. Simply put, a CBDC is not a cryptocurrency in the strictest sense.
Most importantly, the note claimed that the CBDC would offer the same services as any private virtual currencies, without the associated risks. There will be two types of CBDCs in India – Retail and Wholesale . While the former will cater to the private sector, non-financial consumers and businesses, the latter will cater to select financial institutions.A centralized response to cryptocurrencies
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