India’s central bank to commence digital rupee’s pilot project soon

• Shubham
• 07 October, 2022

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By: Shubham Ghosh

India’s central bank, the Reserve Bank of India (RBI), will soon commence limited pilot launches of a digital rupee for specific use cases, it said in a concept paper which was released on Friday (7).

The RBI has been, for some time, exploring the pros and cons of a central bank digital currency and is focusing on a strategy to implement it in a phased manner, it said, Reuters reported.

According to the RBI, use cases are being observed for an e-rupee in such a way that there is zero or minimal disruption to the financial system.

In February, the government of Indian government said that a digital rupee will be launched during the course of the current financial year.

The discussion around a central bank-led digital currency has gained momentum across a number of countries as cryptocurrencies gained popularity.