⛳ Reserve Bank of India (RBI) Tests Asset Tokenization in Wholesale CBDC Pilot.
The Reserve Bank of India (RBI) is gearing up for the #tokenization of assets and #governmentbonds as part of its wholesale Central Bank Digital Currency (CBDC) pilot project. T Rabi Sankar, Deputy Governor of RBI, highlighted that the primary focus is on testing the technology rather than generating high transaction volumes.
💁♂️ He emphasized, "We are considering the tokenization of #assets , including government bonds. However, our objective is to simply evaluate the technology's capabilities. We are not aiming for large transaction volumes at this stage." He made these remarks on the sidelines of the 19th Banking Technology Conference in Mumbai.
He further explained, "Our focus on the retail side is to assess how #technology systems function and how people respond. Therefore, we are not prioritizing transaction volumes." Sankar also mentioned that transaction numbers in the CBDC pilot project have decreased from 1 million, which was the initial target.
It marks a significant step towards embracing emerging technologies in the financial sector and understanding the potential of these #innovations , thus ensuring future #digitalcurrency initiatives' stability, security, and effectiveness.
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