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Explained: RBI to launch digital currency soon

The Reserve Bank of India (RBI) recently said that it has been working towards a phased implementation of a strategy on a digital currency. The RBI has been working on the idea of CBDC for years. When will this happen and what does it mean for the future of cryptocurrencies?  Watch the accompanying video of CNBC-TV18’s Latha Venkatesh for more details.

The Reserve Bank of India (RBI) recently said that it has been working toward a phased implementation of a strategy on a digital currency.
Deputy Governor T Rabi Shankar said the apex bank is considering a phased introduction of its own central bank digital currency (CBDC), and examining various issues including the underlying technology and issuance method.
"CBDCs are likely to be in the arsenal of every central bank, going forward. Setting this up will require careful calibration and a nuanced approach in implementation," said Shankar in a speech on Thursday.
According to a 2021 survey by the Bank for International Settlements, 86 percent central banks were actively researching the potential for CBDCs, 60 percent were experimenting with the technology and 14 percent were deploying pilot projects.
China leads the space and has already started trials of a digital currency in several cities while the US Federal Reserve and the Bank of England are looking into it for a future launch.
The RBI has been working on the idea of CBDC for years. When will this happen and what does it mean for the future of cryptocurrencies?  Watch the accompanying video of CNBC-TV18’s Latha Venkatesh for more details.