India is forging ahead with its digital rupee development and expects to launch its first pilot test in the first quarter of the next year. The country believes that the measured and cautious approach is critical. It helps the public take to the central bank digital currency (CBDC) while also allowing the central bank to make any improvements or changes in good time.
RBI official revealed plans to launch the first pilot in the next fiscal year.
Speaking at a recent event, an official from the Reserve Bank of India revealed plans to launch the first pilot in the next fiscal year. P. Vasudevan, the chief general manager at the Reserve Bank of India’s (RBI) Department of Payment and Settlement, P. Vasudevan confirmed the RBI is committed to launching a CBDC, even as its neighbor China leads the global race with its digital yuan. Vasudevan, who was addressing the State Bank of India’s Banking and Economic Conclave, remarked, “I think somewhere it was said that at least by the first quarter of next year, a pilot could be launched. So we are bullish on that.”
Indian government to introduce crypto regulations.
Indian central government Bhartiya Janta Party is all set to introduce a cryptocurrency regulations bill in the next Winter session of the parliament. Reportedly, the central government is planning to ban private cryptocurrencies and work on its national digital currency. The news of the government banning cryptocurrencies caused panic among investors in the country. The new deadline is over a year later than the one previously indicated, which was to be next month. Several local reports had indicated that India could do a soft launch of its digital rupee in December.
Govt to introduce 'The Cryptocurrency & Regulation of Official Digital Currency Bill, 2021' in winter session of Parliament
Bill seeks to create a facilitative framework for creation of official digital currency to be issued by RBI & ban all private cryptocurrencies in India pic.twitter.com/yeaLfuCiBs
— ANI (@ANI) November 23, 2021