RBI could launch CBDC pilots in ‘near future’ – deputy governor

RBI
Cash is still the dominant payment method for small-value transactions in India

The Reserve Bank of India could conduct pilots in wholesale and retail central bank digital currency in the “near future”, said deputy governor T Rabi Sankar.

The RBI is currently studying key issues on CBDC, including its scope, underlying technology, validation mechanism, whether it is token based or account based, the issuing party, and the degree of anonymity, said Sankar in remarks on July 22.

“As is said, every idea will have to wait for its time. Perhaps the time for CBDCs is nigh,” he

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