RBI holds seminar on digital currency

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Chandigarh, January 25

In the build-up to the International Financial Architecture Working Group Meeting of G20, scheduled to held here on January 30 and 31, a domestic event, an outreach seminar titled “Central Bank Digital Currency: The India Story” was organised by the RBI here today.

The event was organised to create awareness about digital rupee, i.e. India’s Central Bank Digital Currency (CBDC). The event started with the keynote address by Ajay Kumar Choudhary, Executive Director, RBI, wherein he emphasised the launch of the digital rupee pilot. India’s CBDC is a significant monetary milestone. He highlighted India was one of the first major economies to launch CBDC pilot in both wholesale and retail segments.

The keynote address was followed by a presentation by the Fintech Department of the RBI. The presentation underscored various aspects of the digital currency, including design choices, and provided a global perspective. Further, it provided information about the current pilots, featured the use cases, emphasised the benefits of digital rupee and indicated about the future applications. — TNS

Benefits of digital rupee

Introduction of Central Bank Digital Currency has the potential to provide significant benefits such as resilience, efficiency, improvements in currency system, reduced dependency on cash, higher seigniorage due to lower transaction costs and reduced settlement risk, etc.