The Reserve Bank of India (RBI) has announced its plans to launch a digital currency, which is expected to be launched by 2027. This move comes after the RBI’s Governor, Shaktikanta Das, had previously hinted at the possibility of a digital currency in India. The RBI has stated that the digital currency will be designed to be used for domestic transactions and will be launched in a phased manner.
The RBI has also announced that it will be setting up a task force to oversee the development of the digital currency and to ensure its smooth rollout. The task force will comprise of experts from various fields, including technology, finance, and law. The RBI has stated that the digital currency will be designed to be secure, efficient, and user-friendly.
The launch of a digital currency in India is seen as a significant step towards promoting digital payments and reducing the use of cash in the economy. It is also expected to increase financial inclusion and provide greater access to financial services for the unbanked population. The RBI has stated that it will be working closely with the government and other stakeholders to ensure a smooth transition to the digital currency.
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