India To Start Pilot of Retail Digital Currency on Dec 1

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The Reserve Bank of India’s first pilot for a retail e-rupee, its version of the central bank digital currency (CBDC), will be launched on Dec. 1, it said in a statement on Tuesday. The pilot will cover select locations in a closed user group comprising participating customers and merchants, the central bank said. “It would be issued in the same denominations that paper currency and coins are currently issued,” the statement added. “It would be distributed through intermediaries such as banks.” The RBI has been running a pilot of the wholesale e-rupee since Nov. 1, with nine banks transacting in government securities using the e-rupee. Users will be able to transact with the e-rupee through a digital wallet offered by participating banks and stored on mobile phones or devices, it said.

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