India’s central bank plans 'graded approach' to digital currency, News 18 says

Central Banks • May 29, 2022, 6:23AM EDT
The Block

The Reserve Bank of India (RBI) said in its annual report released on Friday that it was taking a “graded approach” toward the introduction of a Central Bank Digital Currency, News 18 reported.

“The Reserve Bank is engaged in the introduction of a central bank digital currency in India. The design of CBDC needs to be in conformity with the stated objectives of monetary policy, financial stability and efficient operations of currency and payment systems,’’ it said in the Annual Report on the Working of the Reserve Bank of India 2022.

“The Reserve Bank proposes to adopt a graded approach to introduction of CBDC, going step by step through stages of Proof of Concept, pilots and the launch,” The RBI said in the report. “Accordingly, the appropriate design elements of CBDCs that could be implemented with little, or no disruption are under examination,” the report added.

Indian Finance Minister Nirmala Sitharaman announced in her budget speech earlier this year that the RBI planned to issue a digital rupee, according to Bitcoin.com.

AUTHOR

Mike Millard profile picture Mike Millard

Mike Millard has worked as an editor for Bloomberg and Reuters, various newspapers and websites. He lived in Asia for more than two decades and now calls the Greek island of Corfu home. He is the author of three books.

See More

WHO WE ARE

The Block is a news provider that strives to be the first and final word on digital assets news, research, and data.

+ Follow us on Google News
Connect with the block on

More by Mike Millard