RBI To Launch First Pilot for Retail Digital Rupee on 1st December
Moneylife Digital Team 29 November 2022
The Reserve Bank has announced the launch of the first pilot for retail digital Rupee (e₹-R) on 1 December 2022. The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants.
"The e₹-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued," the central bank said in a release. It would be distributed through intermediaries, i.e., banks, the central bank added.
Users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones / devices," RBI said.
"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 banking regulator further noted.
This is a developing story.
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