Reserve Bank of India Is Working on 'Phased Implementation' of Central Bank Digital Currency
India’s central bank, the Reserve Bank of India , is working on a “phased implementation of a central bank digital currency in both wholesale and retail segments.” Necessary amendments have been made to the RBI Act, 1934 to allow the central bank to pilot and issue a digital currency.A Reserve Bank of India official and the minister of state in the Ministry of Finance have independently provided an update on the central bank’s progress in issuing a central bank digital currency .
RBI Executive Director Ajay Kumar Choudhary was quoted by local media as saying during a keynote address at the PICUP Fintech Conference and Awards on Wednesday: RBI is working on phased implementation of a central bank digital currency in both wholesale and retail segments. Pankaj Chaudhary, minister of state in the Ministry of Finance, similarly told Rajya Sabha, the upper house of India’s parliament, Tuesday that the “RBI has started the work for a phased implementation of the announcement made … in the budget speech 2022-23.”the launch of the country’s CBDC in the Union Budget 2022-23. Necessary amendments were subsequently made to the RBI Act, 1934 with the passage of the Finance Bill 2022 to allow the central bank to pilot and issue a CBDC.
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