As a seasoned crypto investor with roots deeply entrenched in India’s economic landscape, I find myself captivated by the visionary strides of Shaktikanta Das, our former RBI governor. His foresight towards transforming India’s economy with a home-grown central bank digital currency (CBDC) is nothing short of inspiring.
On his final day as governor, Shaktikanta Das expressed his aspirations for revolutionizing India’s economic landscape by introducing a domestically developed central bank digital currency, commonly known as the digital rupee.
In his goodbye address on the 10th of December, Das emphasized his six-year commitment to leveraging emerging technologies. Key initiatives he mentioned were establishing the RBI Innovation Hub in Bengaluru and creating a regulatory sandbox to foster fintech advancements.
Discussing advancements in Central Bank Digital Currency (CBDC) development, Das pointed out that many global central banks are still engaged in preliminary discussions and trials. In contrast, he emphasized that “the Reserve Bank of India (RBI) stands out among its peers,” as it is one of the rare central banks to initiate a pilot CBDC project.
Indian CBDC could permanently replace the paper-based economy
Das expressed optimism about the future of CBDCs in the Indian economy as he left office:
“As I see it, CBDC has a huge potential in the coming years, in the future. In fact, it is the future of currency.”
In November, the Reserve Bank of India aimed to onboard additional trading partners from Asia and the Middle East with the goal of expanding its real-time cross-border payment system for swift settlements.
India should not rush to implement a CBDC
As a researcher, I recently came across a relevant Bloomberg report implying that India might be considering Central Bank Digital Currencies (CBDCs) as the main payment settlement method for its existing operational payments platform. Remarkably, this platform is already in use in Sri Lanka, Bhutan, and Nepal.
In my previous deliberations, I’ve cautioned against rushing into a nationwide Central Bank Digital Currency (CBDC) deployment without first considering its likely effects on our users and the nuances of India’s monetary policies.
As a data analyst, I would gather insights by accumulating user data during pilot phases. A gradual rollout seems to be the recommended approach for implementing Central Bank Digital Currencies (CBDC), as suggested by my assessment.
Nevertheless, the previous governor voiced optimism about Central Bank Digital Currencies (CBDCs), believing they could serve as a foundation for the payment systems of tomorrow, not just domestically but also in international transactions.
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2024-12-11 11:37