Just-In: RBI Official claims India could launch CBDC Pilot by Q1 2022

The Reserve Bank of India (RBI) expects to launch the pilot for its CBDC, latest by the first quarter of next year. According to comments by the central bank’s senior official at the State Bank of India’s Banking and Economic Conclave, RBI is bullish on taking off with the CBDC pilot by Q1 of 2022. However, he asserted that the process is complex and cannot possibly be launched in the blink of an eye. Especially, since the authorities believe that India’s CBDC could play the protagonist in further leading the country into web3 with the innovative and digitized financial systems, henceforth RBI is seeking to be thorough with its CBDC plan. While earlier this year, the RBI governor’s comments were gravitating towards a soft launch of India’s CBDC by December 2021, but with the latest update, the timeline has become clearer, despite the lack of an official confirmation from the authorities.