India to Launch Trial for E-Rupee Before Year’s End

Azeez Mustapha
27 August 2021 | Updated: 27 August 2021

Governor of the Reserve Bank of India Shaktikanta Das recently stated in an interview with CNBC that the apex bank plans on carrying out trials for its central bank digital currency (CBDC) before the year runs out.

The governor noted that the trial aims to see how the proposed e-rupee would work with the Indian financial sector. He added that the trial programs would also evaluate the security status of the project. Das noted that:

“I think by the end of the year, we should be able to – we would be in a position, perhaps – to start our free trials.”

With many financial experts expressing concerns over the practicability of CBDCs and its impact on the monetary system, Das asserted that the financial institution would monitor the project closely, adding that:

“We are being extremely careful about it because it’s a completely new product, not just for RBI, but globally.”

The executive also noted that the institution is yet to decide between erecting the digital rupee on a centralized ledger or a decentralized ledger technology (DLT).

India Locals Have Strong Affinity for Crypto Assets

While it remains too early to gauge how Indian citizens perceive the proposed digital rupee, an undeniable fact is that Indians love cryptocurrency, especially Bitcoin and Ethereum.

According to reports, Indians have put in 200 times more investment into crypto this year compared to last year. Locals, known for their love of gold, began moving their fortune from gold to digital assets.

Statistics show that currently, over 15 million Indians trade cryptocurrency. This number significantly surpasses that of developed nations like the UK, which boasts just 2.3 million individuals. India’s number is also not so far from the world’s largest economy, the US, which boasts about 23 million merchants.

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.