A Central Bank Digital Currency for India?

Barry Eichengreen, Poonam Gupta and Tim Marple
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Tim Marple: University of California, Berkeley

No 138, NCAER Working Papers from National Council of Applied Economic Research

Abstract: We review arguments for CBDC issuance in India. These include facilitating payments,enhancing financial inclusion, enabling the central bank and government to retain control of the payments system, facilitating cross-border payments, reducing dependence on the dollardominatedglobal payments system, providing an encompassing platform for digital financial innovation. We then compare progress in India with other countries. In setting an end 2022 target date for issuance, India is in line with the other BRICS, but not with other countries with comparable levels of per capita GDP, which have been more reluctant to commit to a date. Nor is it in line with other countries with comparably independent central banks, which have been more cautious about setting a deadline. Finally, we sketch a roadmap and timeline for India’s CBDC project going forward.

Keywords: Central Bank; Digital Currency; India; Monetary Systems; Payment Systems (search for similar items in EconPapers)
JEL-codes: E40 E42 E50 E51 E58 G21 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2022-05-03
New Economics Papers: this item is included in nep-ban, nep-cba, nep-fle, nep-mac, nep-mon and nep-pay
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