India cenbank may launch digital currency pilot next year-report

The Reserve Bank of India's digital currency may see its pilot launch in the first quarter of the next fiscal year, a senior central bank officer said at the State Bank of India's Banking and Economic Conclave as reported by a local newspaper.

"I think somewhere it was said that at least by the first quarter of next year a pilot could be launched. So we are bullish on that," the Business Standard newspaper quoted P. Vasudevan, chief general manager at the Department of Payment & Settlement of the RBI as having said.

Central bank digital currencies, or (CBDCs) are digital or virtual currencies are basically the digital version of fiat currencies, for India that would be its domestic currency rupee.

Previously, the central bank governor had said a soft launch of the CBDC could be expected by December but there has been no official timeline committed to by the RBI.