Today marks the beginning of the Reserve Bank of India’s (RBI) retail digital rupee’s first pilot program. The Central Bank Digital Currency (CBDC-R) will be launched on December 1, 2022, on a trial basis for the Indian market, according to an official release.
Nearly a month has passed since the wholesale digital rupee, or CBDC-W, launched before the retail e-rupee was introduced. For today’s launch, the RBI has also picked a few banks that will participate in this trial’s phase-by-phase participation. The State Bank of India (SBI), IDFC First Bank, HDFC Bank, ICICI Bank, and others are a few of these well-known financial institutions.
The retail e-rupee is anticipated to take the form of a digital token, much like the wholesale e-rupee, which serves as legal money. It is also likely that the RBI will issue this CBDC in the same denominations as the physical money already in use because it resembles physical currency.
RBI is anticipated to make it possible for banks to distribute retail e-rupee (CBDC-R). Person-to-person (P2P) and person-to-merchant (P2M) forms will be used for all transactions in CBDC. This electronic rupee will be represented by a digital token that is accepted as payment.
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