RBI Working Towards Making Virtual Currency a Reality

Reserve Bank of India (RBI) is working towards a “staged rollout strategy” of the Central Bank Digital Currency (CBDC), RBI Deputy Governor T Rabi Sankar said.

“Every idea has to wait for its time. Perhaps the time for CBDCs is near. It will be RBI’s effort, as we move forward in the direction of India’s CBDC, to take the necessary steps to reiterate India’s leadership in the payments system. The RBI is giving some thought to the scope and regulatory framework of the proposed CBDC that is likely to accompany cash and other forms of digital payments, Sankar said.

“Setting this up will need careful calibration and an advanced approach to implement. It is important to consider the drawing board and consult with stakeholders. However, conducting a pilot in the wholesale and retail segments could be a possibility shortly,” said Sankar.

CBDC is a virtual currency issued by a central bank as an alternative to significant bank currency. These are primarily stable coins backed by sovereign reserves and, unlike private crypto assets like Bitcoin or Ethereum, the price of these digital currencies is not subject to change.

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