Another government preparing to introduce a CBDC

The Central Bank of India (RBI) has long wanted to introduce a CBDC in India in a phased manner. Indian Finance Minister Nirmala Sitharaman has said that a CBDC will help the country’s economic growth. Currently, the RBI is trying to convince structures to participate in the development work of this CBDC. Find out which companies the RBI is in talks with.

A CBDC between 2022 and 2023

According a tweet from CoinActu on September 5, “ the Reserve Bank of India is preparing to test a CBDC with public sector banks and fintechs “. The Indian government could successfully introduce a CBDC in the country within a few months. If the current trial is conclusive, work will continue to lead to a result possibly before the end of this fiscal year. The introduction of the CBDC will be done in three stages, with the participation of several companies.

One of these companies is American fintech company FIS that the central bank of India is currently consulting. Julia Demidova, Senior Director of FIS, said: “FIS has had various engagements with the RBI […] and, of course, our connected ecosystem could be extended to the RBI to experiment with various CBDC options.It must be said that this company is already well established in the CBDC sector.

The RBI also talks to public sector banks such as: State Bank of India and Punjab National Bank. She also wants to convince the Union Bank of India and the Bank of Baroda to participate in the trial. You should know that the Indian government has shares estimated at nearly 50% in all these banks.

The central bank of India wants to gradually roll out a CBDC in three stages between 2022 and 2023. Note that the cryptocurrency industry is not fully developing in the country because of the taxes imposed this year.

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