India plans to start testing its token by the end of 2021

by in Cryptocurrency News

CBDC

India has joined those states that are accelerating the development of a national digital currency.

Testing of the Central Bank token (CBDC) should begin before the end of this year. Shaktikanta Das, representing the leadership of the Central Bank, told the journalists about this.

The Reserve Bank is currently studying issues related to ensuring the security of digital currency transactions. In addition, the regulator analyzes the consequences of the introduction of the token and its impact on the monetary policy of the state, quotes the official.

Das stressed: “I think that by the end of this year, we will be able to start our first trials of the token.”

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That is a digital rupee for transactions with which the Central Bank is developing a special blockchain platform.

Note that back in July, Deputy Governor of the Reserve Bank of India Ravi Shankar said that the introduction of CBDC in the domestic market would reduce the use of cash.

In addition, the citizens will have an excellent alternative to Bitcoin and other decentralized cryptocurrencies, which are extremely dangerous to invest in due to their volatility.