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The Reserve Bank expects to come out with a model for operations of fiat digital currencies by the end of the year, Deputy Governor T Rabi Sankar said on Friday.
He reiterated that the RBI is internally evaluating the possibility of introducing a fiat digital currency, going into a slew of aspects like its scope, technology, distribution mechanism and validation mechanism.
See Zee Business Live TV Streaming Below:
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In a July 22 speech, Sankar had said that India is also thinking for a phased introduction of a digital currency saying the time for them is now. China has already started a trial run for its digital currency, while the Bank of England and the US Federal Reserve are also looking at it.
<blockquote>Governor’s Statement : August 6, 2021 <a href="https://twitter.com/DasShaktikanta?ref_src=twsrc%5Etfw">@DasShaktikanta</a><a href="https://twitter.com/hashtag/rbitoday?src=hash&amp;ref_src=twsrc%5Etfw">#rbitoday</a> <a href="https://twitter.com/hashtag/rbigovernor?src=hash&amp;ref_src=twsrc%5Etfw">#rbigovernor</a> <a href="https://twitter.com/hashtag/monetarypolicy?src=hash&amp;ref_src=twsrc%5Etfw">#monetarypolicy</a><a href="https://t.co/shDFO86hub">https://t.co/shDFO86hub</a>
— ReserveBankOfIndia (@RBI) <a href="https://twitter.com/RBI/status/1423511859047460865?ref_src=twsrc%5Etfw">August 6, 2021</a></blockquote>
<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>"It will be difficult to pin a date on it (introducing DC). We should be able to come out with a model in the near future, probably by the end of this year," Sankar told reporters at the post-policy review press conference.
<blockquote>आरबीआई गवर्नर ने डिजिटल करेंसी को लेकर की बड़ी घोषणाएं
विस्तार से जानिए पूरी खबर<a href="https://twitter.com/hashtag/RBIGovernor?src=hash&amp;ref_src=twsrc%5Etfw">#RBIGovernor</a> <a href="https://twitter.com/hashtag/RBIPolicy?src=hash&amp;ref_src=twsrc%5Etfw">#RBIPolicy</a> <a href="https://twitter.com/anuragshah_?ref_src=twsrc%5Etfw">@anuragshah_</a> <a href="https://t.co/oBocQ6um9y">pic.twitter.com/oBocQ6um9y</a>
— Zee Business (@ZeeBusiness) <a href="https://twitter.com/ZeeBusiness/status/1423612315031638016?ref_src=twsrc%5Etfw">August 6, 2021</a></blockquote>
<script async="" src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>In the July 22 speech, Sankar had said that such currency is likely to be in the arsenal of every central bank going forward and setting up such a system will require a nuanced approach.
Work on the central bank DC has been on for many years now, which has seen massive popularity gained by private cryptocurrencies like Bitcoin which are based on blockchain technologies.
Speaking at the same press conference, RBI Governor Shaktikanta Das made it clear that the central bank continues to have concerns with the private DCs which are not regulated and has conveyed the same to the government.
Meanwhile, he said an expert panel tasked with studying the digital lenders following instances of suicides by borrowers is in the final stages and will be submitting its report by the end of this month.
Once the report is received, the RBI will be studying the same and take appropriate action based on the recommendations, Das added.

The Reserve Bank expects to come out with a model for operations of fiat digital currencies by the end of the year, Deputy Governor T Rabi Sankar said on Friday.He reiterated that the RBI is internally evaluating the possibility of introducing a fiat digital currency, going into a slew of aspects like its scope, technology, distribution mechanism and validation mechanism.See Zee Business Live TV Streaming Below:In a July 22 speech, Sankar had said that India is also thinking for a phased introduction of a digital currency saying the time for them is now. China has already started a trial run for its digital currency, while the Bank of England and the US Federal Reserve are also looking at it.Governor’s Statement : August 6, 2021 @DasShaktikanta#rbitoday #rbigovernor #monetarypolicyhttps://t.co/shDFO86hub— ReserveBankOfIndia (@RBI) August 6, 2021"It will be difficult to pin a date on it (introducing DC). We should be able to come out with a model in the near future, probably by the end of this year," Sankar told reporters at the post-policy review press conference.आरबीआई गवर्नर ने डिजिटल करेंसी को लेकर की बड़ी घोषणाएंविस्तार से जानिए पूरी खबर#RBIGovernor #RBIPolicy @anuragshah_ pic.twitter.com/oBocQ6um9y— Zee Business (@ZeeBusiness) August 6, 2021In the July 22 speech, Sankar had said that such currency is likely to be in the arsenal of every central bank going forward and setting up such a system will require a nuanced approach.Work on the central bank DC has been on for many years now, which has seen massive popularity gained by private cryptocurrencies like Bitcoin which are based on blockchain technologies.Speaking at the same press conference, RBI Governor Shaktikanta Das made it clear that the central bank continues to have concerns with the private DCs which are not regulated and has conveyed the same to the government.Meanwhile, he said an expert panel tasked with studying the digital lenders following instances of suicides by borrowers is in the final stages and will be submitting its report by the end of this month.Once the report is received, the RBI will be studying the same and take appropriate action based on the recommendations, Das added.

Governor Shaktikanta Das earlier made it clear that RBI continues to have concerns with the private DCs which are not regulated and has conveyed the same to the government.

India&#039;s Own Digital Currency: BIG DEVELOPMENT! RBI Deputy Governor confirms THIS - All you need to know

India's Own Digital Currency: BIG DEVELOPMENT! RBI Deputy Governor confirms THIS - All you need to know

news-digital-currency-big-development-rbi-deputy-governor-digital-confirms-this-162257

The Reserve Bank expects to come out with a model for operations of fiat digital currencies by the end of the year, Deputy Governor T Rabi Sankar said on Friday. He reiterated that the RBI is internally evaluating the possibility of introducing a fiat digital currency, going into a slew of aspects like its scope, technology, distribution mechanism and validation mechanism. See Zee Business Live TV Streaming Below: In a July 22 speech, Sankar had said that India is also thinking for a phased introduction of a digital currency saying the time for them is now. China has already started a trial run for its digital currency, while the Bank of England and the US Federal Reserve are also looking at it. Governor’s Statement : August 6, 2021 @DasShaktikanta#rbitoday #rbigovernor #monetarypolicyhttps://t.co/shDFO86hub — ReserveBankOfIndia (@RBI) August 6, 2021 It will be difficult to pin a date on it (introducing DC). We should be able to come out with a model in the near future, probably by the end of this year, Sankar told reporters at the post-policy review press conference. आरबीआई गवर्नर ने डिजिटल करेंसी को लेकर की बड़ी घोषणाएं विस्तार से जानिए पूरी खबर#RBIGovernor #RBIPolicy @anuragshah_ pic.twitter.com/oBocQ6um9y — Zee Business (@ZeeBusiness) August 6, 2021 In the July 22 speech, Sankar had said that such currency is likely to be in the arsenal of every central bank going forward and setting up such a system will require a nuanced approach. Work on the central bank DC has been on for many years now, which has seen massive popularity gained by private cryptocurrencies like Bitcoin which are based on blockchain technologies. Speaking at the same press conference, RBI Governor Shaktikanta Das made it clear that the central bank continues to have concerns with the private DCs which are not regulated and has conveyed the same to the government. Meanwhile, he said an expert panel tasked with studying the digital lenders following instances of suicides by borrowers is in the final stages and will be submitting its report by the end of this month. Once the report is received, the RBI will be studying the same and take appropriate action based on the recommendations, Das added.

India's Own Digital Currency: BIG DEVELOPMENT! RBI Deputy Governor confirms THIS - All you need to know

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Top News

Direct tax collections jump 8.8% in FY 2025–2026 so far; lower refunds lift government revenues

Countdown to budget day begins as Union Budget 2026 date is announced

Cold wave grips North India as IMD issues alerts; Rajasthan schools extend holidays, Delhi shivers near 3°C

Planning to buy an AC? Prices may rise up to 8% this season due to this reason

Tata Elxsi Q3 Results Preview: Tata group firm likely to stage strong performance, margin seen rising by 47 bps

Dixon Technologies falls 30% in three months — is this a buy-the-dip moment?