Mumbai, Aug 6: The Reserve Bank expects to come out with a model for operations of fiat digital currencies by the end of the year, Deputy Governor T Rabi Sankar said on Friday.
He reiterated that the RBI is internally evaluating the possibility of introducing a fiat digital currency, going into a slew of aspects like its scope, technology, distribution mechanism and validation mechanism.
In a July 22 speech, Sankar had said that India is also thinking for a phased introduction of a digital currency saying the time for them is now. China has already started a trial run for its digital currency, while the Bank of England and the US Federal Reserve are also looking at it.
It will be difficult to pin a date on it (introducing DC). We should be able to come out with a model in the near future, probably by the end of this year, Sankar told reporters at the post-policy review press conference.