WEB3
by BSC News
September 12, 2022
India's central bank is set to run a pilot project with four state-run banks. The launch of the CBDC is slated for later in the year.
India’s central bank is set to conduct a Central Bank Digital Currency (CBDC) pilot project with four public sector banks with the potential launch toward the end of the year.
According to media reports the Reserve Bank of India will work with State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda to run the pilot, with fintech company FIS advising. FIS is a provider of payment infrastructure solutions which has developed a CBDC virtual lab as part of its RealNet platform used by central banks around the world.
The launch of an Indian CBDC raises questions about its impact on stablecoins and cross-border payments. How the central agencies will regulate stablecoins remains an issue still not addressed by policymakers in India.
“It is too early to confidently forecast the trajectory and endgame for CBDCs and stablecoins, given the multitude of unresolved design factors still in play. For instance, will central banks focus first on retail or wholesale use cases, and emphasize domestic or cross-border applications?” said Raj Kapoor, Founder of India Blockchain Alliance
Regulation and innovation make the impact hard to predict but early efforts to issue CBDCs have been met with only moderate adoption, Kapoor said.
“While it is too early to predict the impact of greater regulation on stablecoins, innovation continues apace with the likely emergence of many more (and newer) varieties in coming years. Coexistence and balance seem to be the future,” Kapoor said.
Related News
Latest News
5h : 36m ago
Nigeria Appoints Pro-Crypto Leader to Head SEC
8h : 42m ago
BNB Chain Shows Strong Growth in Q1, 2024 Report: Key Details
10h : 44m ago
Ethereum Spot ETFs Is Likely to Face SEC Denial in May: Reports
April 24, 2024
Chainlink Launches Cross-Chain Interoperability Protocol (CCIP) for General Availability
April 24, 2024
Hong Kong Bitcoin and Ethereum Spot ETFs Get Approval to Begin Trading on April 30
April 24, 2024
US DOJ Wants 3-Year Prison Sentence for Binance Co-Founder CZ
April 23, 2024
Binance’s 53rd Launchpool Project: What is Renzo Protocol?
April 23, 2024
Texas' Blockchain Association and the Crypto Freedom Alliance Sue US SEC
More News