Sumary of RBI hints at digital currency pilot in retail, wholesale segments:
- The Reserve Bank of India (RBI) has indicated the possibility of conducting pilot launch of its digital currency in wholesale and retail segments in the near future.
- RBI Deputy Governor T Rabi Sankar said, “Generally, countries have implemented specific purpose CBDCs (central bank digital currencies) in the wholesale and retail segments.
- Some key issues under examination are: the scope of CBDCs — whether they should be used in retail payments or also in wholesale payments — and the underlying technology — whether it should be a distributed ledger or a centralised ledger, for instance, and whether the choice of technology should vary as per use cases.
- “However, conducting pilots in wholesale and retail segments may be a possibility in near future,” Sankar said Thursday at a webinar on virtual currencies by Vidhi Centre for Legal Policy Research.