Summary
- India announced its plan to drive economic innovation through the Central Bank Digital Currency, 'Digital Rupee'.
- The Reserve Bank of India has stated that it is building a regulatory sandbox for fintech innovation.
- The introduction of CBDC is expected to be gradual, with a high possibility of being utilized in payment platforms both within and outside India.
India has shared its vision to drive economic innovation through the Central Bank Digital Currency (CBDC), the Digital Rupee.
According to a report by Cointelegraph on the 11th (local time), Shaktikanta Das, the Governor of the Reserve Bank of India, stated, "After establishing the Reserve Bank of India's innovation hub in Bengaluru, efforts have continued to utilize new technologies, such as building a regulatory sandbox for fintech innovation," emphasizing that "CBDC will show tremendous potential as the future of currency in the coming years."
Currently, India is reportedly considering utilizing CBDC as a basic payment mechanism for payment platforms operating in Sri Lanka, Bhutan, Nepal, etc., and its introduction is expected to be gradual.
YM Lee
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