India to Roll Out First Retail Digital Rupee on 1 December

India to Roll Out First Retail Digital Rupee on 1 December

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After several reports about when the Indian apex bank will launch the first retail digital version of the Indian rupee, the date has however officially been announced.

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Reserve Bank of India to Launch Digital Rupee Early December 

The Reserve Bank of India (RBI) has announced the date (December 1) for the launch of the first retail digital version of the Indian currency.

According to the RBI, retailers in India will be able to carry out their transactions using the digital rupee wallet which will be provided by the banks involved in the project.

“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 statement stated.

Earlier this year, the Reserve Bank of India announced the project for the digital rupee, a project which after completion will settle the secondary market transaction in government securities and also add efficiency to the interbank market through the reduction of transaction costs of settlements.

The digital rupee is the digital version of Indian fiat currency (Indian rupee), otherwise known as Indian Central Bank Digital Currency (CBDC).

It is part of the Indian government’s preparation for the digital economy, digital currency offers a similar purpose just like fiat currency, and according to the Bank of International Settlement, about 90% of apex central banks are looking to roll out CBDCs.

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