Contemplating pilot launch of digital currency in near future: RBI Deputy Governor

He said the idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards it

New Delhi: The Reserve Bank is working on a phased implementation strategy for its own digital currency and is in the process of launching it in wholesale and retail segments in the near future, RBI Deputy Governor T Rabi Sankar said on Thursday. He said the idea of Central Bank Digital Currency (CBDC) is ripe, and many central banks in the world are working towards it. Sankar further said CBDC is needed to protect consumers from the "frightening level of volatility" seen in some of the virtual currencies which have no sovereign backing.