RBI Governor Shaktikanta Das on Wednesday said Central Bank Digital Currency (CBDC) is going to be a major transformation in the way business is done — the way transactions are conducted and highlighted that RBI is among the very few central banks in the world which have taken this initiative. CBDC is a digital form of currency notes issued by a central bank. 

“Yesterday, we launched the trial of our digital currency, CBDC project. It was indeed a landmark moment in the history of currency in our country. Going forward, it will be a landmark moment. It will be a landmark achievement so far as the functioning of the entire economy is concerned,” Governor Shaktikanta Das said while addressing FIBAC.

FIBAC is an annual banking conference, organised by the Federation of Indian Chambers of Commerce and Industry [FICCI] and the Indian Banks’ Association [IBA].

“Will to try and launch the CBDC in a full-fledged manner in the near future,” he further said. Das also announced that the retail part of the CBDC trial will be launched later this month and added, “We will announce the date separately, but I don’t want to give a target date by which time the CBDCs will be launched in our full-scale manner, because this is something where we have to proceed very carefully. This is the first time the world is doing it. We don’t want to be in a great hurry, we want to learn from the experience.”