The Reserve Bank of India is preparing to test a CBDC with public sector banks and fintechs
The trial could lead to the introduction of a CBDC in India before the end of this exercise, most likely in three stages; The US-based FIS would participate.
New
The Reserve Bank of India (RBI) is in talks with fintech companies and state-controlled banks over a trial of a central bank digital currency (CBDC), the report has reported. Moneycontrol local publication on September 5. An unnamed public sector bank official told the publication that the lawsuit could precede RBI's launch of a CBDC this fiscal year.
The US-based financial services company, FIS, was mentioned as one of the fintech companies that the RBI is consulting with. FIS Senior Director Julia Demidova confirmed to Moneycontrol that "FIS has had various engagements with the RBI [...] and of course our connected ecosystem could be extended to the RBI to experiment with various CBDC options."
FIS announced the launch of its CBDC Virtual Lab on August 25th. The company was already active in the field of CBDCs as a host of conferences and round tables on the subject.
The RBI is reportedly in talks with public sector banks State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda to participate in the lawsuit. The government owns at least 50% of the shares of these banks.
Related: India Needs Global Collaboration to Decide Future of Crypto, Says Finance Minister
The RBI has long stated that it is
The trial could lead to the introduction of a CBDC in India before the end of this exercise, most likely in three stages; The US-based FIS would participate.
New
The Reserve Bank of India (RBI) is in talks with fintech companies and state-controlled banks over a trial of a central bank digital currency (CBDC), the report has reported. Moneycontrol local publication on September 5. An unnamed public sector bank official told the publication that the lawsuit could precede RBI's launch of a CBDC this fiscal year.
The US-based financial services company, FIS, was mentioned as one of the fintech companies that the RBI is consulting with. FIS Senior Director Julia Demidova confirmed to Moneycontrol that "FIS has had various engagements with the RBI [...] and of course our connected ecosystem could be extended to the RBI to experiment with various CBDC options."
FIS announced the launch of its CBDC Virtual Lab on August 25th. The company was already active in the field of CBDCs as a host of conferences and round tables on the subject.
The RBI is reportedly in talks with public sector banks State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda to participate in the lawsuit. The government owns at least 50% of the shares of these banks.
Related: India Needs Global Collaboration to Decide Future of Crypto, Says Finance Minister
The RBI has long stated that it is
What's Your Reaction?
