The Reserve Bank of India (RBI) or central bank of India today released its CBDC trial launch forecast by the first quarter of next year at the latest. Based on comments from senior central bank officials at the State Bank of India’s Banking and Economic Conclave, RBI is confident of continuing its CBDC pilot program by the first quarter of 2022.
However, despite the excitement of starting to adapt blockchain technology in the real economy, he stressed that the process is complicated and takes a relatively long time to implement CBDC widely. At the same time, despite differences of opinion among authorities the RBI governor’s comments earlier this year tended to consider the use of CBDC and support the launch of a trial phase as early as December 2021. Waima past reviews, the latest report gives a clearer picture that it will be delayed on next year.
Top manager in RBI’s Payments & Settlements Department, P. Vasudevan stated that at least the CBDC trial phase will be implemented in the first quarter of next year. "Therefore, we are looking at various issues and developments related to CBDC. At the same time, the central bank is also considering that it should move in a centralized or semi -centralized system. ”
The crypto market community is still divided with developments coming from India. This is because there is past evidence that India often imposes restrictions on crypto assets. So the question arises whether the future of crypto will get darker with the advancement of CBDC?
Some are of the view that the process of integrating the CBDC will create chaos in those struggling in the crypto industry as the authorities will monitor it closely. According to several internal reports, the Indian government is working to regulate crypto assets as an asset class and prevent their use in the payments sector
