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Central Bank of India to launch digital rupee pilot in November

 


Central Bank of India RBI plans to launch a central bank digital currency (CBDC) . In February, she announced a project involving a digital rupee.


It wants to launch a wholesale pilot project for the digital rupee on November 1, as announced by the RBI on October 30 .


Nine local banks are involved in the pilot project, including India's largest bank, the State Bank of India. Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC are also participating in the pilot, according to a report by Reuters.


The main use case in the Indian CBDC pilot project is the settlement of secondary market transactions in government securities. The goal is to make the banking market more efficient with the digital Ruepiel by reducing transaction costs for processing, according to RBI.


Wholesale CBDCs are a type of CBDC primarily used by financial institutions such as banks. Among other things, this involves banking transactions between banks such as the processing of securities transactions and cross-currency payments.


In contrast to wholesale CBDCs, retail CBDCs are used by private households and companies. You can use it to make payments directly and store value using a digital version of fiat currency, like the Indian rupee. According to the new report, RBI plans to launch the retail digital rupee in a month in select locations.


India has been relatively quick in adopting a CBDC. Indian Finance Minister Nirmala Sitharaman announced the initial plans in February 2022, saying a digital rupee would give India's economy a "major boost". The RBI then proposed a three-stage plan for the introduction. The aim is to disrupt the traditional financial system as little as possible or not at all.


While the government is working on a CBDC, it has also taken steps to make cryptocurrencies less attractive to domestic investors. In April, among other things, it passed a 30 percent tax on the ownership and transfer of digital assets. As Cointelegraph reported, these crypto taxes have had a negative impact on the country's crypto ecosystem . This has forced companies in the industry to move to countries that are more crypto-friendly.

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