Indian Central Bank Proposes Graded Approach for CBDC

2022.05.28 13:11

Indian Central Bank Proposes Graded Approach for CBDC

• Reserve Bank proposes to adopt a graded approach to the introduction of CBDC
• CBDC will conform to the existing objectives of monetary policy, financial stability, etc.
• “Digital currency will lead to a more efficient and cheaper currency management system,” says the finance minister.

According to a report from the Hindustan Times, the Reserve Bank of India (RBI) on May 27, 2022, proposed to adopt a graded approach for the launch of the central bank digital currency (CBDC).

RBI said in an annual report it released earlier during the day it was looking at the pros and cons of the introduction of CBDC in India. Therefore, it ought to take gradual steps through stages of proof of concept, and pilots before the official launch.

The proposal also aimed to ensure that the CBDC conforms with the existing objectives of monetary policy and financial stability.

RBI rep …

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