The central bank would do well to bring on board more financial institutions and regulators to effectively test the new digital currency.
After years of debating the utility of digital currencies and cryptocurrency regulation, India is finally on a path to roll out the digital rupee. This marks a significant transformation for the Reserve Bank of India in the way business is done, while a digital currency will open up new opportunities for banks in terms of product innovation, service delivery and risk management.
Last week, the RBI launched the first pilot project for the central bank digital currency, or CBDC, in the wholesale segment—also known as e₹-W. The pilot, which targets secondary market transactions in government securities, involves India’s nine …
Advait is a financial journalist and a former writer at The Morning Context. Here, he wrote on India’s banks, the wider financial services industry and the fintech ecosystem. He has previously worked with the Economic and Political Weekly, Business Standard, BloombergQuint and MediaNama, where he covered everything from the Reserve Bank of India to fintech policy.
Writer
advait@mailtmc.com
Mumbai