CBDC: Industry demands support for robust infrastructure in Budget 2023

Stakeholders say internet penetration, robust technology, and concerns about data security are key issues they want the govt to address

There is immense interest in the Reserve Bank of India's digital rupee, a proposal announced in the last Budget and a pilot for which is underway.

The Central Bank Digital Currency (CBDC), digital or e-rupee, could transform the way Indians make payments, but its success depends on imparting knowledge, robust technology and data security, stakeholders say. The finance industry expects the government to announce provisions in the Budget next month to create supporting infrastructure for CBDC.

After testing the wholesale CBDC, the RBI started the pilot for the retail segment with selected banks in restricted regions.
 
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