RBI’s First Pilot for Retail Digital Rupee to Go Live on December 1, Will Work in Select Locations

 


Built on blockchain, the digital rupee is a virtual representation of India’s fiat currency.


The digital rupee CBDC's use cases are being expanded by the Reserve Bank of India (RBI). The testing of the Indian CBDC for retail purposes will begin on December 1 in a few different parts of the nation. The digital rupee is a virtual representation of India's fiat currency that is built on blockchain with the goal of accelerating digital transactions and enhancing their security. The CBDC will be used in its retail testing by both customers and retailers who have been hand-selected under the RBI's supervision.


The CBDC will be provided to the testers as part of the trials in a digital wallet backed by partner national banks. Tablets, PCs, and cellphones can all use the wallet.

Both person-to-person (P2P) and person-to-merchant transactions are possible (P2M). QR codes that are displayed at retail places can be used to make payments to retailers. The e-R would provide characteristics of actual money, such as trust, safety, and settlement finality. It will not bear interest, just like cash, and can be exchanged for other kinds of payment, such as bank deposits, according to a statement released by the RBI.

The distributed ledger technology known as blockchain serves as the foundation for both CBDCs and cryptocurrencies. The distinction between CBDCs is that central banks both issue and oversee them. On the other hand, cryptocurrencies are mainly unregulated and not under the supervision of a central bank.

The introduction of India's CBDC pilot, according to RBI governor Shaktikanta Das earlier this month, was a turning point in the history of the nation's money.

The Chief Technical Officer and Co-Founder of Mudrex, Alankar Saxena, has mentioned that this CBDC will assist Indians in making the transition to an open cashless financial system in an interview with Gadgets 360.

Other countries developing their own CBDCs include China, Jamaica, Japan, Russia, and the former Soviet Union.


Around the beginning of May, Jamaica launched its Jam-Dex CBDC and offered rewards to the first 100,000 users.

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