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RBI Board meet: Digital currency pilot soon

The RBI is now working on two areas: wholesale account based and retail. While a lot of work is already done on wholesale accounts, the retail issue is slightly complicated and the central bank is taking some time on it.

By: ENS Economic Bureau | Mumbai |
December 18, 2021 4:14:28 am
Digital firms blamed the banks for laxity in implementing the RBI directive.

The Central Board of the Reserve Bank of India (RBI) on Friday discussed various aspects, including the status, of the central bank digital currency (CBDC). RBI officials informed the board that a pilot project for the introduction of CBDC will be launched soon.

The RBI is now working on two areas: wholesale account based and retail. While a lot of work is already done on wholesale accounts, the retail issue is slightly complicated and the central bank is taking some time on it.

The RBI has been against private cryptocurrencies, saying they are a serious concern from a macroeconomic and financial stability standpoint.

The Board also reviewed the current domestic and global economic situation, evolving challenges in the wake of plans of global central banks to tighten monetary policies and remedial measures. It also reviewed the Reserve Bank’s half-yearly income statement for the half year ended September 30, 2021, and various areas of operations including the functioning of the Local Boards, activities of select Central Office Departments and the draft Report on Trend and Progress of Banking in India, 2020-21.

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