{"id":1507525,"date":"2024-12-12T11:30:00","date_gmt":"2024-12-12T16:30:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1507525"},"modified":"2024-12-12T11:30:00","modified_gmt":"2024-12-12T16:30:00","slug":"india-preparing-for-a-cbdc-driven-economy-central-bank-governor-says","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/india-preparing-for-a-cbdc-driven-economy-central-bank-governor-says\/1507525\/","title":{"rendered":"India Preparing For A CBDC-Driven Economy, Central Bank Governor Says"},"content":{"rendered":"

India Preparing For A CBDC-Driven Economy, Central Bank Governor Says<\/span><\/p>\n

\n

Authored by Arijit Sarkar via CoinTelegraph.com,<\/em><\/a><\/p>\n

On his last day as the governor of the Reserve Bank of India (RBI), Shaktikanta Das shared his vision to transform India\u2019s economy with a home-grown central bank digital currency (CBDC), the digital rupee.<\/strong><\/p>\n

<\/a><\/p>\n

During the farewell speech on Dec. 10, Das\u00a0highlighted<\/a>\u00a0his six-year-long effort to capitalize on new technologies, including setting up the RBI Innovation Hub in Bengaluru and a regulatory sandbox for fintech innovation.<\/p>\n

Speaking about India\u2019s progress in CBDC development, Das noted that many central banks worldwide are stuck in initial discussions and experimentation.<\/p>\n

On the other hand, he said, \u201cRBI, among the central banks, is a pioneer,\u201d as it is one of the few central banks to launch a pilot CBDC project.<\/strong><\/p>\n

<\/a><\/p>\n

Press conference by Shaktikanta Das, governor of the Reserve Bank of India. Source: Reserve Bank of India<\/em><\/p>\n

Indian CBDC could permanently replace the paper-based economy<\/h2>\n

Das expressed optimism about the future of CBDCs in the Indian economy as he left office:<\/p>\n

\u201cAs I see it, CBDC has a huge potential in the coming years, in the future. In fact, it is the future of currency.\u201d<\/strong><\/em><\/p>\n

<\/a><\/p>\n

Source:\u00a0<\/em>Shaktikanta Das<\/em><\/a><\/p>\n

In November, the RBI sought to add new trading partners in Asia and the Middle East to expand its cross-border payments platform for instant settlements.\u00a0<\/p>\n

India should not rush to implement a CBDC<\/h2>\n

A related Bloomberg report suggested that India was exploring the\u00a0use of CBDCs as its primary settlement mechanism<\/a>\u00a0for the payments platform, which is currently operational in Sri Lanka, Bhutan and Nepal.\u00a0<\/p>\n

Previously, Das had advised against implementing a \u201csystem-wide CBDC\u201d rollout without understanding the technology\u2019s potential impact on users and India\u2019s monetary policy.<\/strong><\/p>\n

\u201cSuch understanding would emerge from the generation of user data in pilots. The actual introduction of CBDC can be phased in gradually,\u201d Das said.\u00a0<\/em><\/p>\n

Still, he had expressed confidence in CBDC\u2019s potential to \u201cunderpin the payment systems of the future,\u201d both for domestic and cross-border payments.<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nThu, 12\/12\/2024 – 06:30<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/crypto\/india-preparing-cbdc-driven-economy-central-bank-governor-says<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

India Preparing For A CBDC-Driven Economy, Central Bank Governor Says Authored by Arijit Sarkar via CoinTelegraph.com, On his last day as the governor of the…<\/p>\n","protected":false},"author":0,"featured_media":1507526,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1507525","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6kaV","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2024\/12\/0193b4c4-ce76-7cdf-97db-db9cc859-WQiZyc.jpeg","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1507525","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1507525"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1507525\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1507526"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1507525"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1507525"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1507525"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}