According to the latest statement made by the Reserve Bank of India, it plans to start the wholesale CBDC test for individual users on November 1st.
With the development of the blockchain industry, it has become inevitable for CBDCs (Central Bank Digital Currency) to be spoken in many countries. Governments aiming to integrate CBDCs with central finance are accelerating their work in this area. In this context, a step came from India.
India Begins CBDC Tests
In a statement on CBDC tests, the Reserve Bank of India said that the use case for wholesale digital rupees is the payment of secondary market transactions in government securities as it will reduce transaction costs.
Nine leading banks have been identified in India to participate in the pilot. These were decided as State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC.
The Reserve Bank of India (RBI) said that a pilot of the retail version is scheduled to be launched within a month in certain locations in closed user groups consisting of customers and vendors.
RBI published a 50-page promotional concept note on the subject earlier this month.
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