India is planning its own CBDC – that became clear after an interview with Shaktikanta Das, the Governor of RBI (The Reserve Bank of India), recently conducted an interview with CNBC, where he mentioned that the institution is currently studying different digital currency aspects so they can conduct safe and successful CBDC trials. Said trials will be initiated by the end of 2021.
He also revealed that the team working on it is very careful due to the novelty of the product. His main concern is, apparently, security and the impact of the CBDC on the Indian financial sector.
The RBI became interested in the concept over the past year or so, because the ledger technology has become available to the wide public. Now India will enter the race to reach a functioning CBDC model. So far China is the one that has assumed the top position.
Source
Within a few years we may see CBDCs all over the world, I have little doubt about that. I wonder how they would compete with decentralized cryptos though.
He also revealed that the team working on it is very careful due to the novelty of the product. His main concern is, apparently, security and the impact of the CBDC on the Indian financial sector.
The RBI became interested in the concept over the past year or so, because the ledger technology has become available to the wide public. Now India will enter the race to reach a functioning CBDC model. So far China is the one that has assumed the top position.
Source
Within a few years we may see CBDCs all over the world, I have little doubt about that. I wonder how they would compete with decentralized cryptos though.
