Gaining currency

RBI should move cautiously on CBDC

The Indian central bank intends to be among the monetary authorities spearheading a potential shift in the history of money. Central banks around the world are evaluating the possibility of introducing central bank digital currencies (CBDCs). If they are convinced and willing to introduce CBDCs, it would mark a big change, though its potential impact remains debatable. In terms of scale, as of July, over 100 countries — covering about 95 per cent of world output — were said to be exploring the possibility. In this context, the Reserve Bank of India (RBI) took a significant step forward last week