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The Reserve Bank of India (RBI) is pausing its plans to issue a digital currency, according to the Indian business line Hindu Business Line on January 1.
The Indian central bank had originally announced its intentions to consider a digital currency of the central bank (CBDC) in April of this year, at the time detecting the establishment of an interdepartmental group to examine potential benefits and feasibility.
In August, the RBI confirmed the creation of the group, specifying that it was looking for a CBDC that would support the rupee for reasons that included the cost of printing paper and the growing popularity of digital token usage.
Now, amid the confusion about the group's exact discoveries, which remain a mystery, Delhi has apparently changed its mind.
"The government no longer wants the digital currency, he thinks it's too early to think about a digital currency," Hindu Business Line cites an unidentified source.
The hesitation echoes what the government showed last week on the issue of cryptocurrency regulation. Non-CBDC assets such as Bitcoin (BTC) will remain in a gray area for the foreseeable future, a state minister said in the parliament, saying the problem was approached with due caution.
The expectations had been that India would implement some form of regulatory framework in 2018, amid anger over the ongoing ban of the RBI to process the encrypted by the banks.
The government, meanwhile, continues to look for ways to reduce the use of cash in India while attaching transactions to biometric consumer data through the Aadhaar scheme – referring to the world's largest biometric identification system, which contains data for over a billion people.
Some parts appeared to be raised to the CBDC option shelving.
"It is premature that the RBI launches the crypto-rupee, since it is necessary to better understand the crypt economy," said Praveen Kumar, founder of Belfrics, the founder of the local cryptocurrency, Hindu BusinessLine. He added:
"It is a fair decision to delay the process and see how the peer-to-peer listed economy evolves".
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