Reserve Bank of India to Introduce CBDC in Phases Beginning This Year

  • In the Reserve Bank of India’s annual report published on Friday, a phased introduction of a central bank digital currency is on the central bank’s schedule for the current financial year to March 2023.
  • Legislation to provide the framework to support a CBDC has already been enacted. In February, Finance Minister Nirmala Sithara announced plans to issue a digital rupee that uses blockchain and other technologies by March 2023.
  • The reserve bank has had a controversial relationship with the crypto sector. It blocked banks providing services to cryptocurrency exchanges, but the Supreme Court of India overturned that position in March 2020.