India is planning to transition to a economy driven by a Central Bank Digital Currency (CBDC). According to Reserve Bank of India (RBI) Governor Shaktikanta Das, the central bank is working on the development of a CBDC and plans to introduce it to the market in the coming years. The goal is to digitize the economy and provide a more efficient and convenient way for people to make transactions. The CBDC is expected to be linked to the Indian rupee and will be designed to complement the existing cashless payments system. The introduction of the CBDC will also help to reduce the dependence on physical cash, making it easier for businesses to operate and for citizens to access financial services. Additionally, the CBDC is expected to increase transparency and reduce the risk of counterfeiting. With the development of the CBDC, India is looking to become one of the first countries to adopt this technology, which is seen as a major step towards financial inclusion and economic growth.
Source: https://cointelegraph.com/news/shaktikanta-das-vision-india-digital-rupee-cbdc