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Cyber security, frauds main concerns with digital currency: RBI
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As the RBI moves ahead for the launch of the central bank digital currency (CBDC), Governor Shaktikanta Das on Wednesday marked out cyber security and digital frauds as the main challenges in the new system.
Deputy Governor T Rabi Sankar said there are two types of CBDCs - wholesale and retail - and a lot of work has happened in the former while the latter was termed as a "complicated" aspect which will take time.
The RBI had earlier this year announced that it has started work on the CBDC, in line with other major central banks of the world which are looking at a fiat digital currency. According to a report, the RBI is looking to start with pilot exercises on the same front by early next year.
"Main concern comes from the angle of
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