Yesterday, the Reserve Bank of India (RBI) shared information about the evolution of its wholesale central bank digital currency (CBDC) trials which started on November 1 last year. The initial use case was to use the wholesale digital rupee to settle government bond transactions, but the RBI is keen to try different business models and use cases.
Examples of the use cases planned include money market funds and short term lending, such as call money.
“We want to have as many use cases as possible. We will try account-based CBDC (central bank digital currency). We hope to launch that. That pilot, it was not intended to move banks and others away from (the) existing NDS-OM (Negotiated Dealing System – Order Matching) system that is there,” said RBI Deputy Governor T. Rabi Sankar speaking on the sidelines of the G20 summit, as reported by Informist.
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