RBI CBDC Initiative Receives Praise from JP Morgan's Naveen Mallela
RBI CBDC Initiative and Its Importance
The Reserve Bank of India (RBI) is overseeing the creation and distribution of the eRupee CBDC for retail and wholesale payment purposes. The central bank's approach towards exploring the inclusion of the eRupee into the existing financial system has been praised by Naveen Mallela, global co-head of Onyx, JP Morgan's blockchain and digital currency unit. Mallela spoke at the Global Fintech Fest 2024 in Mumbai, highlighting the RBI's efforts in gradually integrating blockchain.
Insights from Naveen Mallela
- CBDCs represent a significant advancement in Indian payment systems.
- Mallela predicts that real-world cash will transition to digital forms.
- The eRupee is poised to enhance transaction transparency.
During the event, RBI Governor Shaktikanta Das noted that the CBDC could help with environmental initiatives and demonstrated interoperability with existing systems like UPI.
JP Morgan's Role in Blockchain Evolution
- JP Morgan has been a pioneer in exploring Web3 technologies.
- In February 2022, it launched Onyx within Decentraland to operate as a bank in a virtual ecosystem.
- The bank is now testing immersive training apps for staff via metaverse technology.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.