Regulation
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On November 1, the Reserve Bank of India (RBI) will launch a national digital currency (CBDC) pilot project in wholesale sales. Mass retail testing will begin within a month.
One of the goals of introducing the digital rupee is to reduce transaction costs when trading government securities in the secondary market.
Nine financial institutions will become participants in the CBDC pilot project, including the Bank of India, HSBC, ICICI Bank and others.
Testing of the digital rupee in retail will be carried out in individual outlets and closed user groups, including both buyers and sellers.
The launch of the pilot became known in early October. Then RBI promised to periodically disclose information about the functions and benefits of the digital rupee.
What is Central Bank Digital Currency (CBDC)?
Recall that in June, RBI Deputy Governor T. Rabi Sankar suggested that CBDCs are capable of completely replacing private virtual currencies, including bitcoin.
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