The Reserve Bank of India has in the present day launched a Concept Note on Central Bank Digital Currency (CBDC) for India. The function behind the problem of this Concept Note is to create consciousness about CBDCs normally and the deliberate options of the Digital Rupee (e₹), particularly. It explains the aims, decisions, advantages, and dangers of issuing a CBDC in India. The Note additionally seeks to elucidate Reserve Bank’s method in direction of introduction of the CBDC. The Concept Note additionally discusses key concerns reminiscent of expertise and design decisions, doable makes use of of Digital Rupee, issuance mechanisms, and so on. It examines the implications of introduction of CBDC on the banking system, financial coverage, monetary stability, and analyses privateness points. The Reserve Bank will quickly start pilot launches of e₹ for particular use circumstances. As the extent and scope of such pilot launches develop, RBI will proceed to speak concerning the particular options and advantages of e₹, once in a while. (Yogesh Dayal) Press Release: 2022-2023/1012 |