India is exploring a rupee-backed central bank digital currency (CBDC) in a bid to reduce the costs associated with physical money and keep up with the changing global landscape of digital payments, the Reserve Bank of India (RBI) revealed on Wednesday.
“[A]n inter-departmental group has been constituted by the Reserve Bank to study and provide guidance on the desirability and feasibility to introduce a central bank digital currency (CBDC),” the RBI said in its latest annual report, confirming recent media reports.
The central bank further explained that the impetus behind its move came from “rapid changes” in the global payments industry as well as the “emergence of private digital tokens and the rising costs of managin...
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