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The former RBI Governor said that a CBDC will co-exist with Cash money

 

Former Reserve Bank of India Governor D Subbarao stated that there is a significant reason for the central bank to establish a digital currency, and that cash will coexist with the new-age money in the future. He also stated that when the Reserve Bank of India issues digital money, privacy will be a significant concern. He expressed concern that cryptocurrency could be used as a means of transferring money out of countries such as India and China.

In an interview, the Deputy Governor of the RBI T Rabi Sankar said that the central bank is now in the development of implementing its own digital currency and that the central bank is in the process of launching it in the wholesale and retail segments very soon. Furthermore, he added that the idea of Central Bank Digital Currency (CBDC) is well-developed and that various central banks around the world are working to bring it to fruition as quickly as possible.

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