The Central Bank of India Plans to Implement a Phased Approach to CBDC Launch

The Reserve Bank of India (RBI) has said it plans to follow a phased approach to the implementation of its own central bank digital currency (CBDC) to maintain the control over the process.

According to the regulator:

“The Reserve Bank proposes to take a stepwise approach to CBDC implementation, step by step going through the stages of proof of concept, pilot projects and launch. Relevant CBDC design elements are being explored that can be implemented with little or no interruption.”

The central bank has said that it is focusing on identifying the advantages and disadvantages of launching a digital version of the rupee, the country’s official currency.

According to the RBI, its design should “conform to the objectives of monetary policy, financial stability and efficient operation of the currency and payment systems.”