Reserve Bank of India Begins Piloting Digital Rupee
Posted: Sat Nov 05, 2022 5:10 am
The Reserve Bank of India (RBI) today launched a digital rupee pilot program for the wholesale sector, identifying nine banks as well as the State Bank of India. to participate in this project
Reuters Report from Bengaluru city India on Nov 1 that the use case of the pilot programSLOT XO will be the settlement of secondary market transactions in government securities. The "e-rupee" currency is expected to make the interbank market more efficient. In addition, paying in the bank's digital currency will reduce transaction costs.
RBI also added that It is planned to start using the e-rupee currency. for the retail sector within 1 month in the selected area
RBI said in early October that the bank had been exploring the advantages and disadvantages of central bank digital currencies for some time. and is executing the strategy for further use in practice
However, the central bank's plans for digital currency It happened amid strong domestic opposition to cryptocurrencies.