(Image source from: India.com)
Digital Currency trials in India to start in December:- The Reserve Bank of India (RBI) announced about the launch of digital currency soon and the trial program will start in December. the news is confirmed by Shaktikanta Das, the Governor of Central Bank. The Central banks in Europe, China and the United Kingdom have been in plans to launch digital currency for the commercial lenders along with the public. They are known as Central Bank Digital Currencies (CBDC) which is the legal tender in the digital form and in India it would be a digital rupee. Shaktikanta Das said that they are quite cautious as it is a new product and project for RBI.
RBI is also currently studying various aspects of digital currency including the impact on the financial sector and the security. Shaktikanta Das said that they are monitoring the impact of digital currency on the monetary policy and the current currency. The Central Bank is exploring the choice of a centralized legder for the digital currency or the distributed ledger technology. Shaktikanta Das said that the trial process of the digital currency will start in December. Central Bank is working on a phased implementable strategy for digital currency.
(Video Source: CNBC-TV18)