RBI Governor: India Might Launch CBDC Trials By The End Of 2021

The governor of the Reserve Bank of India, Shaktikanta Das mentioned that the financial institution might instigate its 1st trial programs for a digital rupee by the month of December this year. The initiative would determine the security of the Indian central bank digital currency and its impact on the local economic web.

In a recent interview for CNBC, Shaktikanta Das divulged the aforementioned development. RBI’s mission would be to inspect how a potential e-rupee would be incorporated in the Indian financial domain.

He said,

“I think by the end of the year, we should be able to – we would be in a position, perhaps – to start our free trials.”

Das mentioned that the Reserve Bank of India would take the matter under close attention. He said,

“We are being extremely careful about it because it’s a completely new product, not just for RBI, but globally.”

As per the statistics, the number of individuals who trade digital assets in India is fifteen million. Outstandingly, it transcends a well-developed nation like the United Kingdom, where 2.3 million individuals have entered the market. Besides, the world’s largest economy, the United States, with around twenty three million merchants does not stand far away from India.

In fact, only one nation has a higher index score of global digital currency espousal than India, and that is Vietnam. It is to be noted that last year, the second-most populated nation did not even emerge on the top ten list.