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No need to create fear psychosis: RBI on digital Re

The RBI has launched a pilot for central bank digital currency (CBDC) – retail (e`-R) from December 1. The pilot in e-rupee in the wholesale segment (e`-W) was launched last month.

“Let there not be any fear psychosis that somebody is going to chase. That would be unfair to the exercise,” Das added.
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Reserve Bank of India Governor Shaktikanta Das said the central bank digital currency (CBDC) does not leave a trail with a bank and so, there was no need for creating any fear psychosis of being tracked in the minds of people.

The RBI has launched a pilot for central bank digital currency (CBDC) – retail (e`-R) from December 1. The pilot in e-rupee in the wholesale segment (e`-W) was launched last month.

While responding to a query that the Enforcement Directorate (ED) can ask details from banks on the transactions done through digital rupee, Das said, “Incidently (in case of CBDC), you cannot find out (transaction details) because the information is not available to the bank. Therefore, bank does not know. It goes from my mobile to somebody else’s mobile. So why should we create this fear psychosis.”

“Let there not be any fear psychosis that somebody is going to chase. That would be unfair to the exercise,” Das added.

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The governor said as per the amendment in the RBI Act with regard to CBDC, that the currency will also include digital currency and so there is no difference in the treatment of a paper currency and a digital currency.

He said the feedback from the first pilot on wholesale CBDC has been very satisfactory. However, there are some learnings and RBI is working on those.

First published on: 08-12-2022 at 04:42 IST
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