Central bank’s digital currency will not be launched in haste, work will continue with caution: RBI Governor Das

Reserve Bank of India (RBI) Governor Shaktikanta Das said on Thursday that he will not launch a central bank digital currency (CBDC) in a hurry and refused to give any timeline.

Reserve Bank of India (RBI)

reserve Bank of India ,RBI, Governor of Shaktikanta Das (Shaktikanta Das) said on Thursday that it would launch the Central Bank Digital Currency (CBDC) Will not launch in haste and has refused to give any timeline. Das said that the work on the central bank digital currency is going on and the RBI cyber attack (Cyber ​​Attack) Against looking at many technologies and systems. Das said in a press conference after the announcement of the bi-monthly monetary policy that he cannot give a timeline on his digital currency, but he can say that whatever he is doing, he is doing it with utmost care and care. .

Shaktikanta Das further said that they have to keep in mind the risks like cyber security etc. So, they are proceeding with caution and cannot give any timeline. Introduced recently, Finance Minister Nirmala Sitharaman announced that RBI will introduce a central bank-backed digital currency this year.

Work continues for last 18 to 24 months: Das

According to RBI Deputy Governor T Rabi Sunkar, the central bank has been working on CBDC for the last 18 to 24 months. He said that as announced in the budget, they will launch the digital currency this year and this year will test the design features and other aspects of the currency. He further said that work is going on for wholesale and retail use of central bank digital currency. Account based models are easier to develop, whereas token based models take longer time to develop. He said that which model they test first, it will be decided at a later date.

Apart from this, Shaktikanta Das said that private cryptocurrencies are a threat to the economy and financial stability of the country. Das also said that private cryptocurrencies cannot face challenges on the economy and financial stability front. This is not the first time that the RBI has spoken out against private cryptocurrencies like bitcoin or ethereum. In the past too, the Reserve Bank has been taking its stand against this. On the other hand, the government has talked about launching Virtual Digital Asset (VDS) in the recent budget. This is also a cryptocurrency in a way, but its entire work will be government.

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