RBI to start testing 'eRupee' digital currency in India starting 1 Nov
- 2 years ago
The central bank has decided to launch the pilot of its wholesale CBDC on 1 November. It has also selected a certain number of banks to help manage CBDC transactions.
The Reserve Bank of India has announced that it will be testing its 'wholesale' Central Bank Digital Currency (CBDC) starting 1 November. This announcement comes just a few days after the central bank released a 50-page document on what the Indian version of the CDBD or the eRupee will offer.
In an official statement, the Reserve Bank of India (RBI) said the wholesale digital rupee would be deployed for the purpose of "settlement of secondary market transactions in government securities" since it would reduce transaction costs.
The Reserve Bank of India has announced that it will be testing its 'wholesale' Central Bank Digital Currency (CBDC) starting 1 November. This announcement comes just a few days after the central bank released a 50-page document on what the Indian version of the CDBD or the eRupee will offer.
In an official statement, the Reserve Bank of India (RBI) said the wholesale digital rupee would be deployed for the purpose of "settlement of secondary market transactions in government securities" since it would reduce transaction costs.