The RBI or Reserve Bank of India will be exploring all the possible technologies for different applications.

A decision regarding suitable technology solutions for the CBDC launch only will take place after trying different technologies.

The central bank launched the CBDC pilot for wholesale this week and for retail, it'll launch next week.

The Reserve Bank of India(RBI), which began the pilot for the CENTRAL BANK OF DIGITAL CURRENCY(CBDC) for the whole sales segment this week planning to start the retail pilot next week.

Technology will be announced after the pilots are complete. Different pilots have been planned for different technologies,” an RBI official, who didn’t wish to be named, told Inc42.

Ever since the RBI announced the launch of the pilot for the CBDC, the biggest question on everyone’s mind is whether it would deploy a conventional centrally-controlled database or distributed ledger technology (DLT)-based infrastructure or hybrid infrastructure.

However, the official said that despite many options, all the possible variations are now being tested. Which one will suit the perfect will be selected for India's requirements?

The officials added that we'll test multiple technology stacks and which will suit India's technology pilot requirement will be selected.

RBI constantly working on the CBDC technology since 2017 and finally launched it on November 1st. The RBI revealed that it has been working on the Digital rupee and it has also been declared that it has already announced a pilot for retail CBDC.

With nine banks in the loop, the current pilot in G-sec is being conducted by the Clearing Corporation of India Ltd on its NDS-OM (Negotiated Dealing System – Order Matching) platform.

Many other countries like Singapore also join the phase of the CBDC for foreign exchange.

Out of 105 countries that think tank The Atlantic Council has been tracking for CBDC developments, 11 countries, including Nigeria, Jamaica, The Bahamas, and eight East Caribbean nations, have launched countrywide CBDCs, while 15 others, including India, China, Saudi Arabia, South Africa, Russia, and South Korea, have launched their CBDCs in pilot mode.