Are these achievements of co-operation between Andhra Pradesh and Reserve Bank enough? May be yes, but there are lot of areas where, we, the State Government and the RBI, need to move closer, faster, deeper and into new areas. We, in RBI, have identified a few new areas for a vigorous drive this year, to which the Government of AP has assured full support.
To answer, we first need to define the term CBDC and assess the current state of the U.S. payment system. What Do We Mean by “CBDC"? The Bank for International Settlements has defined a CBDC as “a digital payment instrument, denominated in the national unit of account, that is a direct liability of the central bank.