RBI could come up with a pilot for digital currencies by December: Shaktikanta Das

The Reserve Bank of India (RBI) could come up with a pilot of its fiat digital currency by the end of this year. The RBI Governor, Shaktikanta Das, confirmed this in a TV interview.

However, it's not clear whether the currency will be launched based on the distributed ledger technology or a centralised ledger. Cryptocurrencies work on the distributed ledger technology platform.

During the last monetary policy review on August 6, Deputy Governor of the RBI, T Rabi Sankar, had said that the central bank is expected to launch a fiat digital currency by December. Earlier also, in a speech in July, Sankar had said that the time for launching a digital currency is now.


RBI governor Shaktikanta Das has expressed his concerns with the private digital currencies. Even though the Supreme Court has lifted a ban on cryptocurrencies, there's still hesitancy among bankers to do transact with businesses dealing in these virtual currencies.