RBI is all set to launch pilot of retail digital rupee on December 1
Four cities will experience the digital rupee in the first phase
admin
India's very first retail digital rupee (e₹-R) is all set to roll out in it's pilot with phases on December 1, transaction with e₹-R will be done through a digital wallet offered by participating banks.
In the first phase of the pilot, four banks are going to participate and will cover four cities to carry out Person to Person (P2P) and Person to Merchant (P2M) transactions. Furthermore, in upcoming phases the counting of the banks will extend to eight with 13 cities across the country.
Moreover, to ensure privacy and to make digital currency secure, initiatives like CBDC (Central Bank Digital Currency) are taken into measure to bring further efficiencies in payment processing and settlements.
It has been said by the RBI that the pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants.
