RBI rolls out pilot for Digital Rupee through select banks, cities
The digital currency in the form of tokens issued by the RBI are equivalent to legal paper and coin cash and can be used to represent the retail digital rupee.
The digital currency in the form of tokens issued by the RBI are equivalent to legal paper and coin cash and can be used to represent the retail digital rupee.
The e-Rupee would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued.
The pilot will also test the robustness of the entire process of digital rupee creation, distribution, and retail usage in real time. Different features and applications of the digital token and architecture will be tested in future pilots, based on the learnings from this pilot, the RBI said in a statement.
The Reserve Bank of India (RBI) on Monday said it will commence pilot launches of digital rupee (e-rupee) for specific use cases from November 1.
The Reserve Bank of India has today released a Concept Note on Central Bank Digital Currency (CBDC) for India. The purpose behind the issue of this Concept Note is to create awareness about CBDCs in general and the planned features of the Digital Rupee (e-rupee), in particular.
