India’s retail digital currency pilot launches on December 1st
The Reserve Bank of India has announced its first retail digital Rupee pilot will commence on December 1, 2022.
“The pilot will test the robustness of the entire process of digital rupee creation, distribution and retail usage in real time,”The pilot works like this: Participating banks distribute the e-rupee , in the same denominations available as notes and coins, into digital wallets stored on mobile phones. These deposits can in turn be used for transactions among individuals, or to acquire goods and services from merchants. Merchant payments can be made using QR codes.
The e₹-R will not earn any interest but can be converted to other forms of money. RBI said the digital currency would offer the same features of physical cash - like trust, safety and settlement finality.that the pilot would include “closed user groups comprising customers and merchants,” but operation-related specifics would be revealed in “due course.”
The first phase of the pilot will start off with four banks in four cities It will later expand to four more banks and nine more cities . “The scope of pilot may be expanded gradually to include more banks, users and locations as needed,” said RBI. The central bank also said the results of this pilot would inform which features and applications are tested in future pilots.
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