Central Bank Currency in India: Policy and Regulatory Aspects

Abstract

India has made remarkable progress in digital payments innovation, showcasing a vibrant shift in the nature and functions of money. Recent technological advancements have made it possible to digitize currency, and the introduction of central bank digital currencies (CBDCs) is a significant development in this area. The study explores various aspects of the subject, including the legal framework, technological issuance architecture, fundamental principles, potential hazards, stakeholder influence, use cases, and critical CBDC-R issues. This study is relevant considering India's advancements in digital payments and the increasing global acceptance of CBDCs. The study highlights the potential of CBDC-R to improve India's economic landscape, emphasizing the importance of taking proactive measures to ensure its successful implementation and widespread acceptance.