🔥 Digital Rupee to Shape India’s Future Economy
posted 11 Dec 2024
Shaktikanta Das, concluding his term as RBI Governor, unveiled plans for integrating the digital rupee into India’s financial system. He highlighted the gradual adoption of CBDCs as a cornerstone of economic modernization.
During his farewell address, Shaktikanta Das, who served as RBI Governor for six years, outlined his contributions to advancing digital technology. Notable milestones included the creation of the RBI Innovation Hub in Bangalore and the launch of a regulatory sandbox for fintech innovation..
Shaktikanta Das Bids Farewell to RBI. Source: rediff.com
Das noted that the RBI has taken a leadership role in CBDC development, launching its pilot program well ahead of most central banks, which remain in preliminary testing stages.
RBI, among the central banks, is a pioneerremarked Shaktikanta Das during his farewell speech on December 10.
Digital Rupee: Transforming India’s Currency Landscape
Das expressed confidence in the digital rupee’s potential to replace cash and modernize India’s economy.
As I see it, CBDC has a huge potential in the coming years, in the future. In fact, it is the future of currencyhe commented.
The Reserve Bank of India took decisive action in November to expand its instant payment system for cross-border commerce, forging ties with trading partners in Asia and the Middle East.
Simultaneously, it began testing CBDC transactions in pilot programs.
Global CBDC Progress Report. Source: Atlantic Council
Digital Rupee Rollout: A Measured Strategy
India’s approach to introducing the CBDC emphasizes caution, with pilot projects providing key data on its potential impact on consumers and monetary policy.
Das stressed the importance of assessing the broader implications for the system before proceeding with a full rollout.
Such understanding would emerge from the generation of user data in pilots. The actual introduction of CBDC can be phased in graduallyhe remarked.
Even with his cautious approach, Das firmly believes that the CBDC holds the promise of shaping the future of payment systems at home and abroad.
As Das departs, the RBI remains dedicated to advancing his initiatives, striving to position India as a global leader in the adoption of central bank digital currencies.
Thank you everyone for your support and good wishesDas shared in his final post on X.
More breaking news
More breaking news
Breaking news
🌋 Annual Highs for NFT Trading Volumes
