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Breaking news: Ethereum Developer Virgil Griffith Pleads Guilty to Conspiracy Charge in North Korea Sanctions Case

India Could Launch CBDC Trials Later This Year, According to Central Bank Governor: Report

Deputy Governor T. Rabi Sankar said the central bank is studying matters related to security and the broader impact a CBDC would have on monetary policy.

Aug 27, 2021 at 9:34 a.m. UTC
Updated Aug 27, 2021 at 2:42 p.m. UTC

Trials for an Indian central bank digital currency (CBDC) could begin by December, Reserve Bank of India (RBI) Governor Shaktikanta Das said.

  • The central bank is studying matters related to security and the broader impact a CBDC would have on monetary policy, Das told CNBC Thursday.
  • “I think by the end of the year, we should be able to – we would be in a position, perhaps – to start our first trials,” he said.
  • Das said the RBI is exploring whether a digital rupee would harness blockchain technology or use a centralized ledger.
  • RBI Deputy Governor T. Rabi Sankar said in July that a digital rupee would reduce the use of cash and protect citizens from the volatility of cryptocurrency.
  • Among major economies, China is leading the way in the development of a CBDC. Its digital yuan, or eCNY, has been undergoing trials in various cities around the country for several months.
  • South Korea and Sweden appear the next most advanced in developing digital currency after China.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Jamie Crawley is a CoinDesk news reporter based in London.

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