The Reserve Bank of India revealed its plans for a phased introduction of central bank digital currency (CBDC), in a “concept note” published on October 7.

“RBI is currently engaged in working towards a phased implementation strategy, going step by step through various stages of pilots followed by the final launch,” the central bank says in the note.

The RBI is planning to introduce an account-based wholesale CBDC and a token-based retail CBDC. The document says the tokenised approach yields a