RBI Announces Digital Rupee. E-Rupee To Launch Soon On Pilot Basis
In an effort to test digital currency in India, the Reserve Bank of India announced today that it will shortly start a trial rollout of the digital rupee, or e-Rupee, for particular use cases. In a concept note on Central Bank Digital Currency, the central bank stated, “As the range and scope of such pilot launches develop, RBI will continue to communicate about the specific characteristics and benefits of e-rupee, from time to time” (CBDC).
The concept note also covers important issues such technology and design options, potential applications for the digital rupee, and issuance procedures.It examines the implications of the introduction of CBDC on the banking system, monetary policy, and financial stability, and analyses privacy issues.
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