India's central bank to opt for "graded approach" towards proposed digital currency
0 Comment(s)
Print
E-mail Xinhua, May 27, 2022
MUMBAI, May 27 (Xinhua) -- India's central bank on Friday said it will be opting for a "graded approach" towards introducing its digital currency.
In its annual report released on Friday, the Reserve Bank of India said that the design of the central digital coin needed to be in line with the objectives of its monetary policy, financial stability and efficient operations of currency and payment systems.
"The Reserve Bank proposes to adopt a graded approach to introduction of Central Bank Digital Currency (CBDC), going step by step through stages of Proof of Concept, pilots and the launch," the annual report said.
A proof of concept is a process of determining whether an idea can be turned into reality or verifying if the idea will function as envisioned.
The Reserve Bank has been exploring the pros and cons of the introduction of CBDC in India and accordingly, the appropriate design elements of CBDCs that could be implemented with little or no disruption are under examination, it said.
In February, India's Finance Minister Nirmala Sitharaman, while presenting the annual budget for the year 2022-23, said that the Reserve Bank of India will launch an Indian digital currency. Enditem
Go to Forum >>0 Comment(s)