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Home » Business » Reserve Bank of India deputy gov confirms 2023 launch for CBDC


RESERVE BANK OF INDIA DEPUTY GOV CONFIRMS 2023 LAUNCH FOR CBDC

Business 15 June 2022

Wahid Pessarlay

The deputy governor of the Reserve Bank of India (RBI), T. Rabi Sankar, has
confirmed that India’s central bank digital currency (CBDC) will be introduced
during the 2022-2023 fiscal year—although the rollout will be completed
gradually.

Sankar made the remarks while addressing a press conference this week, the
Economic Times reports. He added that the approach is being taken to ensure
there is no disruption in the financial and banking system.

“Process of introduction of CBDC will be gradual so that there is no disruption
of the financial and banking system,” Sankar said. 

His statement echoes the RBI’s revelation in its annual report released earlier
this month. In the report, the RBI said it would follow a “graded approach” to
introduce the digital rupee that involves stages including a proof-of-concept,
pilots, and launch. 

“The Reserve Bank proposes to adopt a graded approach to the introduction of
CBDC, going step by step through stages of Proof of Concept, pilots, and the
launch,” the report said. 

At the time, the RBI also noted that it had been studying the pros and cons of
releasing a digital rupee. Hence, the CBDC’s design will be in “conformity with
the stated objectives of monetary policy, financial stability and efficient
operations of currency and payment systems.” 

Is India looking to replace digital assets with CBDCs? 

The government of India first laid the legal framework for the development of
the CBDC in its Union Budget in February. The budget also introduced the 1% TDS
and 30% income tax regimes for digital assets. 

The move to tax digital assets heavily has been having the effect of lowering
digital assets transactions. It appears to be the desired effect of the
government. 

Several government officials have often criticized digital assets and associated
them with various risks to the Indian economy. In recent statements before
parliament, officials of the RBI warned that digital assets could dollarize the
Indian economy, thereby threatening the country’s sovereign interest. 

Similarly, the RBI Governor Shaktikanta Das recently stated that digital
currencies have no value. Sankar shares the same sentiment, noting that CBDCs
could potentially replace digital assets and are safer for consumers as they are
backed by the government. 

The government’s stance has left digital currency investors with uncertainty as
to whether the country may still introduce a ban on the industry or not. A ban
on the industry accompanied by the rollout of a CBDC will be akin to the move
China made last year.

Watch: The BSV Global Blockchain Convention panel, CBDCs and BSV Blockchain



Global Blockchain Convention - Livestream - Day 1
Video can’t be loaded because JavaScript is disabled: Global Blockchain
Convention – Livestream – Day 1
(https://www.youtube.com/watch?v=ggbZ8YedpBE&t=28985s)



New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate
resource guide to learn more about Bitcoin—as originally envisioned by Satoshi
Nakamoto—and blockchain.


TAGGED

 * Central Bank Digital Currency
 * digital rupee
 * India
 * Reserve Bank of India
 * T. Rabi Sankar


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