India’s central bank plans ‘graded approach’ to digital currency, News 18 says

India’s central bank plans ‘graded approach’ to digital currency, News 18 says
HeadlinesNewsIndia’s central bank plans ‘graded approach’ to digital currency, News 18 says

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India’s central bank plans ‘graded approach’ to digital currency, News 18 says

The Blocka month ago
Published on May 29, 2022 10:23 GMT+00:00edited on May 31, 2022 16:44 GMT+00:00

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The Reserve Bank of India (RBI) said in its annual report released on Friday that it was taking a “graded approach” toward the introduction of a Central Bank Digital Currency, News 18 reported.

“The Reserve Bank is engaged in the introduction of a central bank digital currency in India. The design of CBDC needs to be in conformity with the stated objectives of monetary policy, financial stability and efficient operations of currency and payment systems,’’ it said in the Annual Report on the Working of the Reserve Bank of India 2022.

“The Reserve Bank proposes to adopt a graded approach to introduction of CBDC, going step by step through stages of Proof of Concept, pilots and the launch,” The RBI said in the report. “Accordingly, the appropriate design elements of CBDCs that could be …