• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Cryptocurrency

India To Undertake The First Pilot For Retail Digital Currency On December 1st

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
November 29, 2022
in Cryptocurrency, Government
Share on FacebookShare on Twitter

 

On the first of December, India will embark on the first pilot for retail digital currency. This announcement came from the Reserve Bank of India (RBI) on Tuesday. The test will evaluate the creation and distribution of an e-rupee and will be done with an esoteric group of customers and merchants. It also follows a month after the apex bank began evaluating a wholesale digital currency. 

The initial phase of the pilot will see the participation of four local banks, namely State Bank of India, ICICI Bank, Yes Bank, and IDFC, across four cities. These cities are New Delhi, Mumbai, Bengaluru, and Bhubaneswar. 

Subsequently, the pilot will include Bank of Baroda, Union Bank of India, HDFC Bank, and Kotak Mahindra Bank, according to the apex bank. It will also be expanded to include more cities namely, Ahmedabad, Hyderabad, Guwahati, Kochi, Indore, Shimla, Lucknow, and Patna. “The scope of pilot may be expanded gradually to include more banks, users, and locations as needed,” the apex bank said. 

Through a digital currency, India’s apex bank hopes to reduce the country’s heavy reliance on cash, promote cheaper and more reliable international settlements, as well as protect citizens from the volatility of cryptocurrencies. Additional features and applications will be added in future pilots based on the result of this pilot, the Reserve Bank of India said.

The latest development comes as FTX, which used to be one of the world’s biggest cryptocurrency exchanges, collapsed. Amid FTX’s collapse, Rajeev Chandrasekhar, India’s minister of state for electronics and information technology, tweeted that Indian investors who got out of crypto due to the government’s “prudent guardrails of taxation and exchange control” should thank Prime Minister Narendra Modi for “his foresight and thus being saved from this crypto meltdown and losses.

In a press announcement, the Reserve Bank of India said that “Users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones/devices. Transactions can be both Person to Person (P2P) and Person to Merchant (P2M). Payments to merchants can be made using QR codes displayed at merchant locations. The e₹-R would offer features of physical cash like trust, safety, and settlement finality. As in the case of cash, it will not earn any interest and can be converted to other forms of money, like deposits with banks.” 

Related Posts:

  • facebook-workplace
    Taiwan's Central Bank Is Working On A Government-run…
  • Australia's Central Bank Launches Central Bank Digital Currency Project
    Australia's Central Bank Launches Central Bank…
  • South Africa Has Its Eyes On A Central Bank Digital Currency In The Long Term, Its Short Term Concerns Lie Around Regulating Crypto Assets
    South Africa Has Its Eyes On A Central Bank Digital…
  • sa currency
    South Africa Plans Digital Currency In Future As It…
  • India’s Apex Bank Lifts Ban On Mastercard
  • Russia Will Start Using Its Digital Rouble With Real Customers And Real Transactions From April 2023 In A Pilot Project
    Russia Will Start Using Its Digital Rouble With Real…
  • -1x-1 (6)
    The IMF Panics As Zimbabwe Adopts Cryptocurrency
  • java
    India's Apex Bank Wants To Ban Cryptocurrency Again

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Tags: cbdcdigital currencyindiaindia cbdc
Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges May 8, 2025
    • Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo May 8, 2025
    • Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier May 8, 2025
    • WhatsApp Developing AI Chat Wallpapers & Message Summaries May 8, 2025
    • Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts May 8, 2025
    • Central Bank of Nigeria Approves Open Banking Launch This August. Here’s what to Know May 8, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Popular Tags

    africa (135) AI (497) android (367) app (717) Apple (576) artificial intelligence (419) business (482) china (132) cryptocurrency (209) ecommerce (122) enterprise (287) facebook (507) fintech (244) funding (121) gadget (558) gaming (201) google (709) government (469) instagram (173) internet (466) ios (291) iphone (246) meta (116) microsoft (369) mobile (352) new feature (384) nigeria (440) privacy (158) research (140) samsung (185) security (421) smartphone (277) social media (835) software (509) startup (419) streaming (174) telecom (242) tips (372) twitter (289) united states (216) users (158) videos (127) website (173) whatsapp (201) youtube (138)

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    About Us

    TechBooky

    TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

    Recent News

    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    Top 10 Fee-Free Fintech Apps Nigerians Are Turning To After CBN’s New Charges

    May 8, 2025
    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    Airtel Launches Mobile Money in 2026 to Rival M-Pesa & MoMo

    May 8, 2025
    MTN Recovers ₦32 Billion in USSD Fees

    Nigeria Hits 172M Mobile Subscriptions; MTN Tops 90M Barrier

    May 8, 2025
    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    WhatsApp Developing AI Chat Wallpapers & Message Summaries

    May 8, 2025
    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    Bill Gates to Wind Down Foundation by 2045, Slams Elon Musk Over USAID Cuts

    May 8, 2025
    Central Bank of Nigeria Approves Open Banking Launch This August. Here’s what to Know

    Central Bank of Nigeria Approves Open Banking Launch This August. Here’s what to Know

    May 8, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok