CBDC transactions cross 150 million, value exceeds Rs 34,000 crore

CBDC transactions have crossed 150 million with value exceeding Rs 34,000 crore, as RBI works on programmability and gradual rollout of digital currency

The volume of CBDC (central bank digital currency) transactions has topped 150 million, with the total value of transactions exceeding Rs 34,000 crore so far, Reserve Bank of India (RBI) Deputy Governor T Rabi Sankar said at the post-monetary policy press meet.

 

RBI is working on developing programmability for CBDC, which is the distinguishing feature of this form of digital currency. “CBDC is an innovation whose time has come. It is the future of payments. But there is a right time to launch it. The right time depends not only on our readiness but also on other countries, because its advantage is in the cross-border sector. We are gradually moving, getting the technology and use cases right. We are developing programmability — which is the distinguishing feature of CBDC; it is all in the works,” Sankar said.

 

 

“It is increasing gradually, but we are not in a hurry to launch it fully,” Sankar added.

 

Separately, Sankar said RBI will take an SRO-based approach for the technology sector.

 

He said that the fintech department is considering setting up an AI sandbox with curated databases where they can be tested and trained. Since there is no regulation for AI, the approach will be to have a self-regulatory organisation (SRO)-based framework to enable communication among stakeholders.

 

"Our regulatory approach is that in the technology sector, we will take an SRO-based approach so that we can talk to each other constantly,” Sankar said.