India’s central bank is set to run a pilot project with four state-run banks. The launch of the CBDC is slated for later in the year.
Fintech Company FIS to Advise on CBDC Pilot
India’s central bank is set to conduct a Central Bank Digital Currency (CBDC) pilot project with four public sector banks with the potential launch toward the end of the year.
According to media reports the Reserve Bank of India will work with State Bank of India, Punjab National Bank, Union Bank of India and Bank of Baroda to run the pilot, with fintech company FIS advising. FIS is a provider of payment infrastructure solutions which has developed a CBDC virtual lab as part of its RealNet platform used by central banks around the world.
The launch of an Indian CBDC raises questions about its impact on stablecoins and cross-border payments. How the central agencies will regulate stablecoins remains an issue still not addressed by policymakers in India.
“It is too early to confidently forecast the trajectory and endgame for CBDCs and stablecoins, given the multitude of unresolved design factors still in play. For instance, will central banks focus first on retail or wholesale use cases, and emphasize domestic or cross-border applications?” said Raj Kapoor, Founder of India Blockchain Alliance
Regulation and innovation make the impact hard to predict but early efforts to issue CBDCs have been met with only moderate adoption, Kapoor said.
“While it is too early to predict the impact of greater regulation on stablecoins, innovation continues apace with the likely emergence of many more (and newer) varieties in coming years. Coexistence and balance seem to be the future,” Kapoor said.
Source : bsc.news

Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.
BSC NEWS is a private news network. All posts posted by this user belong 100% to bsc.news All rights are reserved to BSC NEWS for more information about BSC NEWS contact BSC NEWS HERE.