RBI has Pilot Launched CBDC on November 1 2022. Here is everything you need to know about the digital rupee.
INDIA NOW HAS ITS FIRST DIGITAL RUPEE
On Nov 1, the RBI launched a pilot of the country's first Digital Rupee.
WHAT IS DIGITAL RUPEE?
It is the country's e-rupee. Just like sovereign currency, it is a legal tender issued by RBI but in digital form.
IS IT FOR ALL?
Since its a pilot, the RBI will restrict the usage only to the wholesale segment. Hence, individuals still do not have access to the Digital Rupee.
WHO IS PARTICIPATING?
A total of 9 banks are participating, including, SBI, Union Bank of India, HSBC, Yes Bank, HDFC Bank, etc.
RBI has conceptualized 2 broad types of Digital Rupee - Retail (CBDC-R) and Wholesale (CBDC-W)
CBDC-R will be available to use by retail, non-financial and business consumers.
RETAIL DIGITAL RUPEE
CBDC-W will be available to use only by financial institutions to aid efficient interbank payments.
WHOLESALE DIGITAL RUPEE
Digital Rupee is revolutionary since it will not require holders to have bank accounts.
CHECK OUT MORE INTERESTING STORIES by clicking below..
Find out more..