According to Odaily, the Governor of the Reserve Bank of India, Shaktikanta Das, has stated that the central bank is not in a rush to introduce a central bank digital currency (CBDC). Currently, there is no specific timeline for its release. Das emphasized that the CBDC project is still in the implementation phase.
Interest in central bank digital currencies has been growing significantly, particularly in the area of cross-border payments. This increased attention reflects a global trend where many countries are exploring the potential benefits and challenges of digital currencies. However, the Reserve Bank of India is taking a measured approach, ensuring that all aspects of the digital currency are thoroughly evaluated before any official launch.
The cautious stance of the Indian central bank highlights the complexities involved in rolling out a CBDC. It underscores the importance of addressing various technical, regulatory, and security issues to ensure the successful integration of digital currency into the existing financial system. As the project progresses, the Reserve Bank of India will likely continue to assess the evolving landscape of digital currencies and their implications for the Indian economy.