What’s the news: India’s central bank, the Reserve Bank of India (RBI), has commenced a pilot to test a specific use case of the digital rupee (e₹) in the wholesale segment, according to a press release. Moreover, the RBI added that a pilot for the retail segment is due to launch within a month at a few locations with closed user groups comprising customers and merchants. https://twitter.com/SaonRay/status/1587133702781382656 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. Why it matters: The announcement is significant as it confirms that India’s CBDC project has taken off and its introduction in the country is imminent. However, it is likely that the RBI is still months away from rolling it out for the public. It also means that the RBI has managed to help Finance Minister Nirmala Sitharaman deliver on her word that India will see digital rupee in 2022-23. What do we know about the pilot: The RBI explained that the pilot will focus on “settlement of secondary market transactions in government securities”, making the inter-bank market more efficient. The central bank clarified that the digital rupee would reduce transaction costs by “pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk”. Who are the participants: There are a total of nine banks that have been identified by the RBI— State Bank of India Bank of Baroda…
RBI to begin testing digital rupee (CBDC) from today. Here’s what you need to know.
India’s central bank RBI has launched its pilot of the digital rupee (e-rupee), the country’s own CBDC, in the wholesale segment
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