India to begin trials for digital rupee

The Reserve Bank of India (RBI) may launch its first digital currency trial programs by December, central bank governor Shaktikanta Das told CNBC.

"We are extremely careful about it because it's entirely a new product, not just for RBI, but globally," Das said.

Central banks, including those in China, Europe, and the UK, are exploring digital currencies that would be issued by them, either to commercial lenders or to the public directly.

Central banks stepped up their efforts looking into digital currencies over the past year following a decline in cash usage and growing interest in cryptocurrencies like bitcoin.