The Central Bank of India has announced that it may begin central bank digital currency (CBDC) trials before the end of this year. As the Central Bank of India explores the benefits of issuing digital rupees, the CBDC research continues to attract the attention of the world.
Speaking to CNBC on Thursday, Shaktikanta Das, Governor of the Central Bank of India, said:
“We are investigating the digital currencies of governments around the world. As a central bank, we are also extremely careful and meticulous when handling a potential digital rupee.”
The central bank governor also stated that he is examining the benefits of using a centralized or decentralized blockchain for the technically proposed CBDC. Offering a possible timeline for the next phase of the project, Das added:
“Perhaps we will be in a position to start our first trials by the end of the year.”
Rabi Sankar, Deputy Governor of the Central Bank of India, reported in July that the central bank is moving towards a step-by-step implementation strategy for the CBDC project.
The central bank governor’s comments are in line with comments from other central bank officials in the country on the course of the planned digital rupee project.
