Digital currency to further bolster digital economy, says RBI

Digital currency will further bolster the digital economy, make payment system more efficient, reduce cost involved in physical cash management and also contribute to further financial inclusion, RBI Executive Director Ajay Kumar Choudhary said on Wednesday.

Chaudhary was addressing an outreach seminar on ‘Central Bank Digital Currency: The India Story’ organized by the Reserve Bank of India. The event was organized ahead of a two-day International Financial Architecture Working Group meeting of G20 slated to take place on January 30 and 31 here.

The RBI has already launched pilots of CBDC (Central Bank Digital Currency) in wholesale and retail segments last year. Choudhary said the CBDC is just a digital form of the physical currency and will have all its characteristics.