As first reported by the
Economic Times, the Reserve Bank of India (RBI) has created a group to explore the potential for introducing a rupee-backed digital currency.
The central bank issued its annual report earlier in the week. It referred to the many other central banks that are exploring central bank digital currencies (CBDC). The bank said the potential reasons for a CBDC were the emergence of private digital tokens as well as the rising costs of creating paper and metallic money.
The report stated: “In India, an inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency.”
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