One of the more eye-catching elements of the Union Budget was the pledge that the RBI would introduce a Central Bank Digital Currency (CBDC) in the upcoming fiscal year. That would make the Reserve Bank a global front-runner. But it is unlikely that key design decisions can be made and the technical architecture implemented within a few months. We doubt that an “e-rupee” will be in many people’s (digital) wallets any time soon. Further ahead, it is not clear cut what CBDCs offer to consumers in countries - such as India - that already have efficient mobile payments systems.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services