RBI To Soon Launch E-Rupee on Pilot Basis for Limited Use To Test Digital Currency in India
The concept note also discusses key considerations such as technology and design choices, possible uses of the digital rupee, and issuance mechanisms, among others.
Mumbai, October 7: The Reserve Bank on Friday said it will soon commence the pilot launch of e-rupee for specific use cases as it tests digital currency in India.
"As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank said in a concept note on Central Bank Digital Currency (CBDC). Currency Management is the Domain of RBI, and We Will Use All Appropriate Measures on It.
The concept note also discusses key considerations such as technology and design choices, possible uses of the digital rupee, and issuance mechanisms, among others. Rupee Opens at a Record Low Against US Dollar of 82.20/$.
It examines the implications of the introduction of CBDC on the banking system, monetary policy, and financial stability, and analyses privacy issues.