RBI will start the first retail digital rupee trial on december 1

The Reserve Bank of India (RBI) announced a pilot programme for retail central bank digital currency (CBDC).

The digital rupee would be in the form of a digital token that represents legal tender

"The closed user group, consists of participating consumers and merchants. I will cover selected areas in the experiment."

Users will be able to exchange digital rupee using a digital wallet provided by the collaborating banks.

The digital rupee would have characteristics of actual money, such as trust, safety, and finality of settlement.

Like cash, it won't earn interest and can be changed into other kinds of payment like bank deposits.

Read more stories