Cryptocurrencies are an innovation that brings together computing, networking and an incentive regime to create secure, decentralized, peer-to-peer digital currency that lends itself to be used as a medium of exchange and as storage of value. Most Central Banks have been reluctant to permit cryptocurrencies considering risks to the financial system, and have veered towards Central Bank Digital Currency or ‘Digital Fiat’ that shares several advantages of cryptocurrencies but are entirely mandated and managed by the Central Bank. This paper examines provides a background to CBDCs and discusses some of the policy and operational aspects that an Indian CBDC launch should consider.

加密货币是一项创新，它将计算、网络和激励机制结合在一起，以创建安全、去中心化、点对点的数字货币，使其可用作交换媒介和价值存储。考虑到金融系统面临的风险，大多数中央银行一直不愿允许加密货币，并转向中央银行数字货币或“数字法定货币”，它具有加密货币的几个优点，但完全由中央银行授权和管理。本文研究了 CBDC 的背景，并讨论了印度 CBDC 启动应考虑的一些政策和运营方面。