RBI may begin first-ever digital currency experiments by December

The Reserve Bank of India (RBI) Governor Shaktikanta Das was quoted on August 27 as suggesting that the first-ever experiments for digital currency in India may begin by December 2021.

The digital currency, also known as central bank digital currencies (CBDC), is intended to be a legal tender in the form of an online currency. In other words, the digital rupee will be the online equivalent of the current fiat money.

In an interview with CNBC, Das stated that the RBI is “very cautious about it since it’s a whole new product.”