India to test digital rupee in November

On November 1, the Reserve Bank of India (RBI) запустит пилотный проект национальной цифровой валюты (CBDC) в оптовых продажах. Mass retail testing will begin within a month.

One of the aims of the digital rupee is to reduce operating costs in trading government securities on the secondary market.

Nine financial institutions will participate in the CBDC pilot, including the Reserve Bank of India, HSBC, ICICI Bank and others.

Retail testing of the digital rupee will be conducted in select outlets and closed user groups, including both buyers and sellers.

News of the pilot became known in early October. At that time, the RBI pledged to periodically disclose information about the features and benefits of the digital rupee.

Earlier in June, RBI deputy governor T. Ravi Shankar suggested that CBDC are able to completely supplant private virtual currencies, including Bitcoin.

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