The Reserve Bank of India (“RBI”) issued a Concept Note on the Central Bank Digital Currency (“CBDC”) for India on October 7, 2022.
The purpose behind the issue of this Concept Note is to create awareness about CBDCs in general and the planned features of the Digital Rupee (e₹), in particular. It explains the objectives, choices, benefits, and risks of issuing a CBDC in India. The Note also seeks to explain Reserve Bank’s approach towards the introduction of the CBDC.
The Concept Note also discusses key considerations such as technology and design choices, possible uses of the Digital Rupee, issuance mechanisms, etc. It examines the implications of the introduction of CBDC on the banking system, monetary policy, and financial stability, and analyses privacy issues.
The Reserve Bank will soon commence pilot launches of e₹ for specific use cases. As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e₹, from time to time.
The Complete Concept Note can be accessed at: https://rbidocs.rbi.org.in/rdocs//PublicationReport/Pdfs/CONCEPTNOTEACB531172E0B4DFC9A6E506C2C24FFB6.PDF
The Press Release can be accessed at: https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR101239D93146445A4B578501DAD29B32FA01.PDF
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