Central bank digital currency: RBI to soon commence pilot l

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The Reserve Bank of India on Friday said it will soon commence pilot launch of e-rupee for specific use cases and also released a concept note on Central Bank Digital Currency (CBDC) that aims to create awareness about such currencies in general and the planned features of the Digital Rupee in particular.

As the extent and scope of such pilot launches expand, the RBI will continue to communicate about the specific features and benefits of digital rupee, from time to time, it said in a statement.

"The e-rupee will provide an additional option to the currently available forms of money. It is substantially not different from banknotes, but being digital it is likely to be easier, faster and cheaper. It also has all the transactional benefits of other forms of digital money," the RBI said.

As for the concept note, it discusses key considerations such as technology and design choices, possible uses of digital rupee, issuance mechanisms, etc, the central bank said. It examines the implications of introduction of CBDC on the banking system, monetary policy, financial stability, and analyses privacy issues.

RBI said it broadly defines CBDC as the legal tender issued by a central bank in a digital form. It is akin to sovereign paper currency but takes a different form, exchan ..

As for the concept note, it discusses key considerations such as technology and design choices, possible uses of digital rupee, issuance mechanisms, etc, the central bank said. It examines the implications of introduction of CBDC on the banking system, monetary policy, financial stability, and analyses privacy issues.

RBI said it broadly defines CBDC as the legal tender issued by a central bank in a digital form. It is akin to sovereign paper currency but takes a different form, exchan ..

Also Read: How will RBI's Central Bank Digital Currency (CBDC) work?

In the Union Budget for 2022-23, the finance minister had said the RBI would roll out a digital equivalent to the rupee in the current financial year.

In an interview last month, RBI Deputy Governor T Rabi Sankar said that the central bank will launch its digital currency as a pilot project this year. CBDC is the most efficient system for cross-border payments, he said. Though, he reiterated that RBI aims to ..

However, CBDC, being a sovereign currency, holds unique advantages of central bank money viz. trust, safety, liquidity, settlement finality and integrity, the RBI said.

Finance Minister Nirmala Sitharaman had during her budget speech in February also proposed a 30% levy on gains from transfer of virtual digital assets, which has been implemented from April 1. However, the government has yet to clarify its stance on whether cryptocurrencies would be regulated or banned.

However, CBDC, being a sovereign currency, holds unique advantages of central bank money viz. trust, safety, liquidity, settlement finality and integrity, the RBI said.

Finance Minister Nirmala Sitharaman had during her budget speech in February also proposed a 30% levy on gains from transfer of virtual digital assets, which has been implemented from April 1. However, the government has yet to clarify its stance on whether cryptocurrencies would be regulated or banned.

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