RBI Deputy Governor says India's digital currency to take 'very calibrated, graduated' approach

04/09 04:45

According to News.bitcoin, Reserve Bank of India (RBI) Deputy Governor T. Rabi Sankar talked about the country’s central bank digital currency (CBDC) Thursday at an event organized by the Indian Council for Research on International Economic Relations (ICRIER). Commenting on different CBDC models, Deputy Governor Sankar pointed out that there are many “uncertainties in terms of which model works, which design works well in terms of its impact on the banking system, on data privacy, on monetary policy.” Emphasizing that central banks should “do no harm” when introducing any new technologies. He said: ”I think central banks would go about it in a very calibrated, graduated manner, assessing impact all along the line and then making those connections with what is most demanded.” The RBI deputy governor proceeded to highlight some benefits of issuing a digital currency, including cost, distributional, and settlement efficiency. He noted that the digital rupee will significantly reduce the time taken for cross-border transactions and make them real-time. Discussing how central bank digital currencies could affect India’s financial system, he cautioned, “one must realize that global experience is virtually non-existent at this point in time on a few things like [how] CBDCs might affect the banking system.” Deputy Governor Sankar explained that CBDCs could affect the transactional demand for deposits in the Indian banking system.

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