The Reserve Bank of India (RBI) said it will launch the first pilot for its central bank digital currency (CBDC) e-rupee.
RBI announced that it would launch the CBDC project in November 2021. RBI was planning to launch the first CBDC by December. However, the CBDC launch had to be postponed as there was no official timeline and roadmap committed by the RBI. After a long time, the CBDC project came up again.
India Launches Digital Rupee Pilot App
The Reserve Bank of India (RBI) said in a statement on Tuesday; The first pilot for the retail e-rupee, a version of the central bank digital currency (CBDC), will launch on December 1.
The central bank said the pilot would cover certain locations in a closed user group made up of participating customers and investors. It was stated that users will be able to transact with e-rupees through a digital wallet offered by participating banks, stored on their mobile phones or devices.
The RBI has been piloting wholesale e-rupees since November 1, with nine banks trading government bonds using e-rupees. RBI will then test other features and applications of the e-rupee based on what it learned from this pilot.
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