The RBI will begin a pilot project on digital rupees today

Описание: The RBI will begin a pilot project on digital rupees tomorrow
The Reserve Bank of India (RBI) announced today that the first trial in the digital rupee-wholesale market will start tomorrow.
India Oct 31, 2022 0 57 Add to Reading List
The Reserve Bank of India (RBI) announced today that the first trial in the digital rupee-wholesale market will start tomorrow.

According to sources, nine institutions have been shortlisted for participation in the pilot, including State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC.

According to the RBI concept note, central bank digital money is a sovereign currency issued by central banks in accordance with monetary policy. It will appear on the central bank's balance sheet as a liability.

"Among other things, the concept note examines critical aspects such as technology and design choices, potential uses of the digital rupee, and issuance methods," the RBI said.