India, during the Union Budget 2022, announced its version of Central Bank Digital Currencies (CBDC) called the Digital Rupee. Based on Blockchain technology, Digital Rupee’s pilot program has now commenced in India. A total of nine banks will be able to participate in the pilot. Have a look at the details.
The Reserve Bank of India (RBI) has announced that the pilot will begin in the Digital Rupee (Wholesale segment), starting today. For those who don’t know, the Wholesale version of the Digital Rupee aka (e₹-W) is meant for the settlement of interbank transfers. The pilot is expected to “make the inter-bank market more efficient.“
For the uninitiated, Digital Rupee is a type of CBDC (a global term) and is simply electronic money. It is issued by RBI and can be exchanged for cash. It is expected to be a “more robust, efficient, trusted, regulated, and legal tender-based payment option.“
