On January 25, 2021, the Reserve Bank of India (RBI) published a Booklet on “Payment and Settlement Systems in India” covering the progress of Payment and Settlement Systems in India during 2010 to 2020. The document confirms that it’s exploring a central bank digital currency (CBDC).
“RBI is exploring the possibility as to whether there is a need for a digital version of fiat currency and in case there is, then how to operationalise it,” it says. India’s central bank has shown its interest in CBDC, however it has expressed skepticism about cryptocurrencies and private digital currencies.
Read Also: The Reserve Bank Of India Planning Stakeholder Consultation On CBDC