The Central Bank of India may launch a CBDC pilot next year

On November 18, a senior official of the Bank of India stated that the digital currency of the Bank of India may be piloted in the first quarter of the next fiscal year. Previously, the governor of the central bank had stated that the CBDC is expected to be soft-launched before December, but the Reserve Bank of India has not yet committed to a formal timetable. P. Vasudevan, chief general manager of the Payment and Settlement Department of the Reserve Bank of India, said that various issues related to which market segment the CBDC should target are being studied-wholesale or retail, verification mechanisms, and other issues, including distribution channels. The central bank is still checking whether intermediaries can be bypassed altogether, and most importantly, checking whether the technology should be decentralized or should be semi-centralized. (Reuters)