India CBDC Insider Reveals Current Stance of Country's Central Bank
Summary
India's central bank is cautiously developing its digital rupee, addressing privacy concerns and aiming for secure implementation. The bank is not rushing to launch a full-scale retail CBDC but has shown quiet urgency. It has reached a milestone of a million transactions in a day, with banks' support. The RBI is exploring technology solutions for privacy concerns and is open to reducing stiff taxes on crypto. The finance ministry has chosen not to reduce taxes in the interim budget, with hopes pinned on the full budget in July 2024. The RBI remains opposed to cryptocurrencies and is considering involving startups in its CBDC pilots.
