India plans 'tiered process' to launch digital rupee

The Indian central bank, i.e. the Reserve Bank of India (RBI), is forging more and more concrete plans with regard to a central bank digital currency (CBDC), so this must be introduced in a multi-stage process if possible in order to “few or no problems” for prepare the Indian financial system.

India's Finance Minister Nirmala Sitharaman said in February that the digital rupee could bring a "big boost" to the digital economy. In its annual report, which the central bank published yesterday, Friday, the RBI now goes into the possible advantages and disadvantages of a CBDC.

In this regard, the central bank emphasizes that the digital rupee must be compliant with the objectives of the Indian government in terms of "monetary policy, financial stability and the operation of the existing money and payment system".

The RBI is therefore examining how a CBDC must be designed in order to meet these requirements and not cause any problems for the Indian financial system. A new finance law that has already introduced a controversial 30% tax on crypto assets is also creating a legal framework for the digital rupee. Accordingly, the central bank comes to the following conclusion in its report:

"The Reserve Bank proposes a multi-step process for adopting a CBDC, spanning multiple steps from a feasibility study through a testing phase to deployment."

At the end of the first half of 2022, RBI is still examining the feasibility of a CBDC before it could move on to the test phase in the next stage.

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