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India's Central Bank Considering Pilot Programs for CBDC: Report

Deputy Governor T. Rabi Sankar said a CBDC would reduce the use of cash and protect citizens from the volatility of cryptocurrencies.

Jul 22, 2021 at 3:27 p.m. UTC
Updated Sep 14, 2021 at 1:29 p.m. UTC

The Reserve Bank of India is considering running a series of pilot programs for a proposed central bank digital currency (CBDC), Deputy Governor T. Rabi Sankar said.

  • The deputy governor said in a speech Thursday that the central bank was weighing a "phased introduction" of a digital rupee to allow time for required legal changes to the country's foreign-exchange rules, according to a Bloomberg report.
  • Sankar said a CBDC would reduce the use of cash and protect citizens from the volatility of cryptocurrencies.
  • The RBI published a report in March highlighting the benefits of a CBDC for financial inclusion and drawbacks related to raising the cost of lending through commercial banks.
  • While India's government has previously shown an intent to ban cryptocurrencies outright, the mood has changed somewhat in recent months with signs of country taking a more lenient approach and seeking to regulate the crypto market.

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