The Reserve Bank of India is gearing up for the launch of its first central bank digital currency. Of course, this will happen in the first quarter of next year, as per information by the central bank officials.
Furthermore, P. Vasudevan, chief general manager of the RBI Department of Payment & Settlement notes the project to be active by the first quarter of the next year.
Also, the Central bank digital currencies are digital assets in links with the official currency of a country. So, it’s just a digital version of fiat currency.
Particularly for India, its CBDC is named a digital rupee and it’s linked to the national currency rupee.
Initially, the central bank was planning the soft launch of its first CBDC by December. However, due to the absence of an official timeline or a roadmap from the Reserve Bank of India. Then, they had no choice but to postpone the launch.
Furthermore, the bank is now considering looking at existing issues and underlying problems the launch may face. Also, they are considering the maintenance of the first prototype of the CBDC.
Presently, some of the existing issues and areas of research are the validation mechanism. Of course, with the general use of digital currency and proper scaling.
Lastly, Vasudevan notes that the RBI is checking various issues which the segment of the CBDC should target. Then, also wholesale or retail, the validation mechanism and other issues, like distribution channels.
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