Bank / Credit Union
Reserve Bank of India to run digital currency trial
September 6, 2022
The Reserve Bank of India is looking at running a trial of a central bank digital currency. It is consulting with state-controlled banks and fintechs such as FIS on the project, according to a report by Coin Telegraph.
"FIS has had various engagements with the RBI […] and, of course, our connected ecosystem could be extended to the RBI to experiment various CBDC options," Julia Demidova said in a report on Moneycontrol. FIS itself has remained fairly active in this space, as it launched a CBDC Virtual Lab on Aug. 25.
The bank is also working with the State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda to participate in the trial. It will do a phased implementation of a CBDC throughout 2022 and 2023. RBI believes this CBDC could beat cryptocurrencies in India.
"We believe that central bank digital currencies (CBDCs) could actually be able to kill whatever little case that could be for private cryptocurrencies," an RBI official said in June.
The RBI has remained largely negative and suspicious when it comes to cryptocurrency.
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