New Delhi: The Reserve Bank of India (RBI) on Friday released its concept note for central bank digital currency (CBDC), which was announced by the Finance Minister Nirmal Sitharaman in Parliament during her budget speech in February.
The RBI clarified that the concept note aims to create awareness about CBDC and features of the digital rupee (e). It explains the objectives, choices, benefits, risks of CBDCs in India.
It discusses technology and design choices, possible uses of Digital Rupee, issuance mechanisms and examines the implications of introduction of CBDC on the banking system, monetary policy, financial stability, and privacy issues.
The RBI will soon commence pilot launches of CBDC for specific use cases. As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of CBDC, from time to time.
The digital rupee or CBDC of India will be legal tender issued by the RBI and will be treated as equivalent to...
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