India previously announced plans to launch a central bank digital currency (CBDC) by March 2023, and recently said it would be a phased introduction. Last week a local news outlet report that the Reserve Bank of India (RBI) is discussing internal pilots of the digital rupee with the four state-owned banks, State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda. The information is based on sources and has not yet been officially confirmed.
Additionally, according to Money Control, the central bank is working with other service providers and fintechs, including FIS, the banking solution provider that recently launched its own CBDC Lab, to enable central banks and other ecosystem participants to experiment. The Lab includes functionality such as payments, programmable money and offline payments.
FIS’ Julia Demidova, who heads CBDC and Digital Currency Strategy, declined to mention any particular central banks. She told Ledger Insights via email, “We are working with several central banks on CBDC experiments and proofs of concept.”
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