On Monday, the Governor of the Reserve Bank of India, Shri Shaktikanta Das, discussed the progress being made on its central bank digital currency (CBDC) the digital Rupee. The Governor said the central bank is in “no rush” to rollout but intends to gradually introduce it.
Shri said in a statement:
Central Bank Digital Currency (CBDC) has dominated recent policy discourse across the world. In India, the Reserve Bank launched CBDC pilots in both retail and wholesale segments in late 2022. The retail pilot currently has over 5 million users and 16 participating banks. While the retail pilot started with initial use case of payments, currently both the offline and programmability functionalities are also being tested. The programmability feature of CBDC could serve as a key enabler for financial inclusion by ensuring delivery of funds to the targeted user.
Let me illustrate this by an actual pilot that was launched recently. Tenant farmers often find it difficult to access agricultural credit for inputs and raw materials as they do not have the land title to submit to the banks.
However, programming the end use for purchase of agricultural inputs can give the required comfort to banks and thus establish the identity of a farmer not through his land holding but through the end use of funds being disbursed.
Yet another path breaking use case is farmers getting purpose bound money through programmable CBDC for generation of carbon credits. Other new use cases aimed at testing features such as anonymity and offline availability are proposed to be rolled out gradually.
It is important to emphasize that there should not be in any rush to roll out system-wide CBDC before one acquires a comprehensive understanding of its impact on users, on monetary policy, on the financial system and on the economy. Such understanding would emerge from generation of user data in pilots.
Actual introduction of CBDC can be phased in gradually. Undoubtedly, CBDC has the potential to underpin the payment systems of future, both for domestic payments and also cross-border payments.
Having said that, Shri also acknowledged that the Reserve Bank’s Unified Lending Interface (ULI), a real-time payment system launched in 2016, “has played a significant role in the growth of retail digital payments in India,” Shri said. This is identical to the Bank’s even faster and similarly named Unified Payment Interface (UPI).
“With the emergence of Fast Payment Systems across countries and experimentation around CBDC, new possibilities are opening up to bring in greater efficiency to cross-border payments,” Shri added. “[…] Ideally, while the legacy payment systems should be able to connect to each other and so should the CBDC systems, one country’s legacy system should also be interoperable with another country’s CBDC.”
Shri concluded his speech, saying:
As you may recall, the theme of India’s G20 presidency in 2023 was “One Earth, One Family, One Future”. It underlies India’s thought process in how it sees the world and itself as being part of one family with a common future.
Ledger Insights also noted: ‘Notably, the BIS work on tokenization has had considerable input from India. Hence, naming its shared ledger work as a ‘Unified Ledger’ may or may not be a coincidence.’
AUTHOR COMMENTARY
Frankly, I for one think this is a lot of political speak. “Testing” a CBDC is really saying that they basically have one ready to go, and officially go live when decided. Central banks around the world have tried to play stupid and act like they are not even sure if they are going to implement a CBDC, but we know at this point all major central banks have a CBDC ready to launch: it’s just a matter of when…
SWIFT, the largest international banking network that facilitates transactions and interbank lending between nations, announced earlier this year that it would be launching its CBDC and tokenized asset system next year or in 2026. This gives us a pretty good timeline we can follow.
Proverbs 22:7 The rich ruleth over the poor, and the borrower is servant to the lender.
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
The WinePress needs your support! If God has laid it on your heart to want to contribute, please prayerfully consider donating to this ministry. If you cannot gift a monetary donation, then please donate your fervent prayers to keep this ministry going! Thank you and may God bless you.
certainly like your web-site but you need to check the spelling on several of your posts. Several of them are rife with spelling issues and I find it very troublesome to tell the reality nevertheless I will certainly come again again.
I truly enjoy looking through on this internet site, it contains excellent articles. “Words are, of course, the most powerful drug used by mankind.” by Rudyard Kipling.
Thanx for the effort, keep up the good work Great work, I am going to start a small Blog Engine course work using your site I hope you enjoy blogging with the popular BlogEngine.net.Thethoughts you express are really awesome. Hope you will right some more posts.
Can I just say what a relief to find someone who actually knows what theyre talking about on the internet. You definitely know how to bring an issue to light and make it important. More people need to read this and understand this side of the story. I cant believe youre not more popular because you definitely have the gift.
I see something truly special in this web site.
Somebody essentially help to make seriously posts I would state. This is the very first time I frequented your web page and thus far? I surprised with the research you made to make this particular publish incredible. Excellent job!
Can I just say what a aid to find somebody who really is aware of what theyre talking about on the internet. You definitely know how to deliver a problem to mild and make it important. Extra individuals must read this and perceive this aspect of the story. I cant consider youre not more in style because you positively have the gift.
Heya i am for the primary time here. I found this board and I to find It truly useful & it helped me out a lot. I’m hoping to offer one thing again and help others like you helped me.
This web site is really a walk-through for all of the info you wanted about this and didn’t know who to ask. Glimpse here, and you’ll definitely discover it.
Only wanna input on few general things, The website design is perfect, the subject matter is very good : D.
I have been absent for some time, but now I remember why I used to love this web site. Thanks , I’ll try and check back more frequently. How frequently you update your web site?
Hello.This post was extremely interesting, particularly because I was searching for thoughts on this matter last Sunday.
I am not really good with English but I get hold this real easygoing to translate.
Wonderful blog! I found it while searching on Yahoo News. Do you have any suggestions on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Thank you
Great write-up, I?¦m regular visitor of one?¦s website, maintain up the excellent operate, and It is going to be a regular visitor for a lengthy time.
I’m not sure why but this web site is loading very slow for me. Is anyone else having this issue or is it a problem on my end? I’ll check back later and see if the problem still exists.
Excellent website. A lot of helpful information here. I¦m sending it to some buddies ans also sharing in delicious. And naturally, thanks on your effort!
Thanks for sharing superb informations. Your website is very cool. I am impressed by the details that you’ve on this blog. It reveals how nicely you understand this subject. Bookmarked this web page, will come back for extra articles. You, my pal, ROCK! I found just the info I already searched everywhere and simply couldn’t come across. What a perfect site.
Pretty section of content. I just stumbled upon your web site and in accession capital to assert that I acquire actually enjoyed account your blog posts. Any way I will be subscribing to your feeds and even I achievement you access consistently fast.
Great write-up, I?¦m regular visitor of one?¦s website, maintain up the excellent operate, and It is going to be a regular visitor for a long time.
I was just seeking this info for a while. After six hours of continuous Googleing, finally I got it in your website. I wonder what’s the lack of Google strategy that don’t rank this kind of informative sites in top of the list. Usually the top sites are full of garbage.
Some genuinely excellent content on this web site, appreciate it for contribution.
I like this website so much, saved to my bookmarks.
I discovered your blog site on google and check a few of your early posts. Continue to keep up the very good operate. I just additional up your RSS feed to my MSN News Reader. Seeking forward to reading more from you later on!…
Thanks for all your efforts that you have put in this. very interesting information.
naturally like your web site however you have to check the spelling on several of your posts. Many of them are rife with spelling problems and I in finding it very troublesome to tell the reality then again I will definitely come again again.
After study a few of the weblog posts on your web site now, and I really like your means of blogging. I bookmarked it to my bookmark website record and can be checking back soon. Pls try my web page as properly and let me know what you think.
hello there and thanks in your info – I’ve certainly picked up something new from right here. I did then again experience some technical issues the usage of this web site, since I experienced to reload the web site many occasions previous to I could get it to load correctly. I have been thinking about in case your hosting is OK? Now not that I am complaining, but sluggish loading instances instances will often affect your placement in google and could damage your high-quality rating if ads and ***********|advertising|advertising|advertising and *********** with Adwords. Anyway I am adding this RSS to my email and could glance out for much more of your respective exciting content. Ensure that you update this once more very soon..
My developer is trying to convince me to move to .net from PHP. I have always disliked the idea because of the costs. But he’s tryiong none the less. I’ve been using Movable-type on a variety of websites for about a year and am worried about switching to another platform. I have heard excellent things about blogengine.net. Is there a way I can import all my wordpress posts into it? Any kind of help would be really appreciated!
Thank you for every other excellent post. Where else may anybody get that kind of info in such an ideal method of writing? I’ve a presentation next week, and I’m at the search for such info.
Thanks, I have just been searching for info approximately this topic for a while and yours is the best I have found out so far. However, what about the bottom line? Are you positive in regards to the source?
I think other web site proprietors should take this site as an model, very clean and fantastic user genial style and design, let alone the content. You’re an expert in this topic!
You are my inhalation, I possess few blogs and often run out from post :). “He who controls the past commands the future. He who commands the future conquers the past.” by George Orwell.
Hello, Neat post. There is an issue together with your web site in internet explorer, could test thisK IE still is the marketplace chief and a big portion of other folks will pass over your fantastic writing because of this problem.
Today, I went to the beach with my kids. I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and screamed. There was a hermit crab inside and it pinched her ear. She never wants to go back! LoL I know this is completely off topic but I had to tell someone!
you’re really a just right webmaster. The website loading velocity is incredible. It sort of feels that you are doing any unique trick. In addition, The contents are masterwork. you have done a magnificent task on this matter!
I don’t even know the way I stopped up right here, however I assumed this post was once good. I do not recognize who you are but certainly you’re going to a well-known blogger for those who are not already 😉 Cheers!
I believe you have remarked some very interesting points, regards for the post.
I like what you guys are up too. Such intelligent work and reporting! Keep up the superb works guys I?¦ve incorporated you guys to my blogroll. I think it’ll improve the value of my website 🙂
Great write-up, I¦m regular visitor of one¦s web site, maintain up the excellent operate, and It is going to be a regular visitor for a long time.
whoah this blog is wonderful i love reading your posts. Keep up the great work! You know, many people are hunting around for this information, you can help them greatly.
Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to far added agreeable from you! However, how could we communicate?
Merely a smiling visitant here to share the love (:, btw outstanding design and style. “Everything should be made as simple as possible, but not one bit simpler.” by Albert Einstein.
F*ckin¦ amazing things here. I¦m very happy to see your article. Thank you so much and i’m having a look ahead to touch you. Will you kindly drop me a mail?
Hello! I just would like to give a huge thumbs up for the great info you have here on this post. I will be coming back to your blog for more soon.
I like this weblog its a master peace ! Glad I detected this on google .
Useful info. Fortunate me I discovered your web site accidentally, and I’m shocked why this coincidence did not took place earlier! I bookmarked it.
When I initially commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get several e-mails with the same comment. Is there any way you can remove people from that service? Bless you!
This is a very good tips especially to those new to blogosphere, brief and accurate information… Thanks for sharing this one. A must read article.
I believe you have mentioned some very interesting details, thanks for the post.