Digital Currency
On November 1, 2022, RBI launched the Central Bank Digital Currency of India, the pilot project of India’s digital currency, which is a significant step in developing the next-generation financial system of India.
It is not just a big deal for India but also for other developed economies of the world such as China, France, the USA, and Switzerland, and therefore all of them are striving hard to find a way to develop their own Central Bank Digital Currency.
The launch of RBI’s Digital currency in India in 2022 is currently primarily for the settlement of secondary market transactions of government securities only but the retail version of the Digital Rupee is also expected to be rolled out soon.
Currently, only select banks can use e-currency in India for select transactions. The nine banks that can participate in the pilot project of wholesale digital currency are Union Bank of India, Bank of Baroda, State Bank of India, ICICI Bank, HDFC Bank, IDFC, Kotak Mahindra Bank, Yes Bank, and HSBC. But here the main question is What is Digital Rupee?
Read in Detail about the Digital Currency In India
