26 Apr 2025
RBI Deputy Governor T Rabi Sankar talked about CBDC during Bharat Inclusion Summit 2.0 in Bengaluru.
Central Bank Digital Currency (CBDC) is an RBI initiative launched in December 2022, built using blockchain technology. Under the pilot phase, e₹ has expanded from 4 to 16 banks, including the State Bank of India, ICICI Bank, Axis Bank, HDFC Bank, and Kotak Mahindra Bank.
In December 2024, the Indian government submitted an update to the Lok Sabha on the progress of Wholesale CBDC (e₹-W) and Retail (e₹-R). They are testing privacy and anonymity features in retail CBDC transactions.
The Bahamas was the first one to launch its CBDC, called the Sand Dollar, in October 2020. By now, several countries have followed suit.
The IMF introduced a CBDC Virtual Handbook, outlining best practices for policymakers worldwide. The European Central Bank is in the preparation phase for the Digital Euro, which will permit offline transactions and real-time settlements. PetroChina recently used the digital Yuan (e-CNY) to buy international crude oil.
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