RBI is planning tokenisation of assets, bonds under wholesale CBDC pilot
- The Reserve Bank of India (RBI) is planning tokenisation of assets and government bonds under the wholesale Central Bank Digital Currency (CBDC) pilot project, with the focus being to try the technology and not to generate volumes, said T Rabi Sankar, Deputy Governor, RBI.
- Mr Sankar said that a standard response to new technology may not be the right approach towards Artificial Intelligence (AI) and quantum computing.
- With artificial intelligence and its ability to process a huge amount of data in a much shorter period of time, and with new technologies like quantum computing, you probably have to completely rebuild most of your encryption systems that you have today, according to Sankar.
- He emphasised that new technology does not always eat up jobs as much as is generally thought, and banking will continue to exist as money has to be created. It is important that bankers must adapt and develop quickly to these technological advancements and not be complacent about Artificial Intelligence.
