According to Reuters, the Reserve Bank of India (RBI) plans to launch its first CBDC in the first quarter of next year.
According to P. Vasudevan, managing director of the RBI Payments and Payments Department, the pilot project could be launched in the first quarter of 2022.
India will call its CBDC the “digital rupee” and will be pegged to its national currency, the rupee.
RBI was planning to launch the first CBDC by December. However, the CBDC launch had to be delayed as there was no official timeline and roadmap committed by the RBI.
The bank is currently looking forward to the launch of the first prototype of the CBDC and addressing existing issues. Current problems with CBDC are research areas, validation mechanism, use case and scaling problems. The central bank has to prepare for a much larger network load compared to the crypto market.