In a recent webinar, the Reserve Bank of India’s Deputy Governor T Rabi Sankar spoke about the promise of a digital rupee, confirming that India is currently pursuing a phased strategy for its potential central bank digital currency (CBDC).
“CBDCs is likely to be in the arsenal of every central bank going forward. Setting this up will require careful calibration and a nuanced approach in implementation,” said T Rabi Sankar. “Every idea will have to wait for its time. Perhaps the time for CBDCs is nigh.”
India is among many countries researching CBDCs – 86% of central banks, according to a 2021 BIS survey – but are yet to deploy pilot projects.
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