wordpress blog stats
Connect with us

Hi, what are you looking for?

, , ,

India’s central bank launches pilot of e-Rupee for retail segment: Here’s everything to know

The retail pilot of the e-rupee by the RBI will involve closed user groups comprising participating customers and merchants

The Reserve Bank of India (RBI) will commence its pilot for the retail segment of the digital rupee (e₹-R) on December 01, 2022, according to this press release. The central bank had earlier commenced its pilot for the wholesale segment on November 1, 2022. The announcement revealed that eight banks had been identified for phase-wise participation in the pilot. The first phase will begin in Mumbai, New Delhi, Bengaluru, and Bhubaneshwar on 1 December. What is a digital rupee: It is a central bank digital currency (CBDC), or a digital token like cryptocurrency, issued by the RBI which is pegged to the value of fiat money (Indian rupee). Why it matters: The announcement is notable because the retail segment of the CBDC is expected to impact ordinary Indians unlike the wholesale segment which was restricted to banks and business. The pilot’s success can end up offering the central bank a viable alternative to counter the dizzying rise of private cryptocurrencies. The RBI is no fan of cryptocurrencies and it has made that clear on several occassions in the past. The pilot’s commencement is an encouraging sign but it is likely that the RBI is still months away from rolling it out for the public at large. What do we know about the pilot: The pilot will involve closed user groups comprising participating customers and merchants. The RBI clarified that the digital token (e₹-R) will represent legal tender and will be issued in the same denominations as fiat currency at present.…

Please subscribe/login to read the full story.
Written By

I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

News

Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...

News

The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...

News

Jio is engaging in many of the above practices that CCI has forbidden Google from engaging in.

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ