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RBI says it needs to assess cybersecurity risks before rolling out CBDCs

India’s central bank has two types of CBDCs in the works, and the government is preparing a legal framework for them.

The Reserve Bank of India governor Shaktikanta Das believes the central bank needs to safeguard CBDCs (Central Bank Digital Currency) from risks of digital frauds and cybersecurity before rolling them out. He was speaking at a media interaction after announcing RBI's monetary policy. Das explained that the central bank had major concerns around fake Indian currency notes a few years ago. “Similar things can also happen when you are launching CBDC,” he asserted. Das said that the RBI will be careful and take preemptive steps to prevent fraud. He also said that the bank recognises the need for a robust system to prevent cyber attacks. Das's remarks are an indicator of the direction in which the central bank seems to be heading, and they seem to imply that the central bank may not be rolling out CBDCs anytime soon as it continues to address the risks afflicting digital currencies. What is the status of the CBDC project at RBI? RBI Deputy Governor T Rabi Shankar disclosed that the bank is working on two types of CBDCs— wholesale, and retail. “A lot of work has been done on wholesale account-based CBDCs. The retail side of CBDC is complicated and it will take time. The first side to get ready will be released first for the pilot,” said T Rabi Shankar. The central bank had announced that it was working towards a “phased implementation strategy” for the introduction of its CBDC, the Digital Rupee, and examining use cases to ensure that its execution…

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