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The government first announced its plans for a CBDC in January 2021, but the progress has been sluggish.
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The government first announced its plans for a CBDC in January 2021, but the progress has been sluggish.
He also revealed that the RBI is working out the chinks in its CBDC project, but stopped short of providing a timeline.
Taking stock of projects in advanced stages, the IMF proposed ways to operationalise CBDCs and navigate their risks.
Recently, PM Modi said that the digital rupee "will be completely controlled and monitored."
CBDCs present the government with the opportunity to counter the surging adoption of private crypto like Bitcoin.
The proposed flat tax on crypto may be the talk of the town, but there's more to the government's budget plans around tech.
The CBDC is seen as the RBI's response to the rapid growth in adoption of private cryptocurrencies among Indian investors.
It gives a chance for central banks to examine the use cases for their respective digital currency, prior to full rollout.
India's central bank has two types of CBDCs in the works, and the government is preparing a legal framework for them.
The cryptocurrency wallet also said that it has embedded controls that enable 24/7 monitoring to detect and flag "suspicious" activity.
