Osato Avan-Nomayo reports in cointelegraph.com that "the Reserve Bank of India could commence preliminary central bank digital currency (CBDC) trials before the end of the year.
Speaking to CNBC on Thursday, RBI governor Shaktikanta Das said that the central bank was “being extremely careful” in its handling of a potential digital rupee even as its counterparts around the world are exploring their own sovereign digital currencies.
According to Das, the RBI’s focus is on examining the potential impact of a digital rupee on India’s financial sector with issues like monetary policy control high on the agenda.
With global financial bodies like the Bank for International Settlements pushing for CBDCs as a counter to cryptocurrencies and private stablecoins, several central banks are developing their own national digital currencies.
According to the Atlantic Council back in July, countries representing 90% of the entire global GDP are in several stages of CBDC exploration.
Among the major global economies, China continues to lead the way in the CBDC race with multiple pilot programs to incentivize the adoption of its e-yuan. Other countries in Asia are also moving forward with their digital currency plans.
International cooperation is also another major talking point in the CBDC space with regional digital currency initiatives taking shape in places like Asia and the Caribbean."
Source credit and full story - https://cointelegraph.com/news/india-cbdc-pilot-may-commence-in-december-says-rbi-governor
As you can see from the report "the RBI’s focus is on examining the potential impact of a digital rupee on India’s financial sector with issues like monetary policy control high on the agenda."
"With global financial bodies like the Bank for International Settlements pushing for CBDCs as a counter to cryptocurrencies and private stablecoins."
The RBI wants to use CBDC as a tool to control India's monetary policy and the Bank for International Settlements wants to counter cryptocurrencies and private stablecoins.
It is all about maintaining the status quo. But when they introduce CBDC and let the general public use it instead of paper money, it will only help speed up the adoption of crypto.
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