The RBI on Friday released a Concept Note on Central Bank Digital Currency (CBDC) to create awareness about the Digital Rupee. It explains the objectives, choices, benefits, and risks of issuing a digital currency in India.
The concept note also discusses issues such as technology and design choices, possible uses of the Digital Rupee, issuance mechanisms and role of RBI in introduction of the CBDT. It also examines the implications of the introduction of digital currency on the banking system, monetary policy, financial stability and privacy. According to the release, RBI will soon commence launch of the Digital Rupee on pilot basis for specific use.
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