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ARTICLE · 22 JUNE 2020

Central Bank Digital Currency: What Is It, And Does India Need One?

Ikigai Law
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A CBDC is a digital payment token or cryptocurrency issued by the central bank of a country.

IndiaTechnology
Ikigai Law
Ikigai Law
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Central banks across the world have started exploring Central Bank Digital Currency ("CBDC"). In a recent survey by the Bank of International Settlements1, 80% of the 66 banks surveyed were engaged in research and pilot projects related to CBDC, including Canada,2 USA3 and Singapore4. In fact, as of May, 2020 China has started testing its digital Yuan (Digital Currency Electronic Payment)5 in four of its states as a part of its attempts to achieve tech-supremacy. Before we dive any deeper, let's first understand what a CBDC is.

What is CBDC? What are its types?

A CBDC is a digital payment token or cryptocurrency issued by the central bank of a country.6 The Bank of England's discussion paper titled "Central Bank Digital Currency: Opportunities, Challenges and Design"7 describes CBDC as an electronic form of central bank money that can be used by households and businesses to make payments and store value.

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