CandleFocus India’s central bank signals no rush for digital currency implementation
2024-11-20
Author: Content Editor
The Reserve Bank of India (RBI) is taking a cautious approach to the launch of a central bank digital currency (CBDC). RBI Deputy Governor T. Rabi Sankar stated that while CBDCs have promise for cross-border payments and trade settlements, the risks associated with them are not fully understood. The central bank is prioritizing a comprehensive evaluation of the technology's impact before proceeding with a full rollout. India's CBDC, known as the e-rupee, was launched in December 2022 but has seen slow adoption. Deputy Governor Michael Debabrata Patra has warned of potential risks to banking stability with CBDCs, including the perception of them as "safe havens" during financial crises.
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