The Reserve Bank of India is close to launching its digital version of its country’s fiat currency following its announcement of the digital rupee project earlier this year.
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Reserve Bank of India to Launch CBDC in Select Locations
As reported by Reuters on Monday, India’s apex bank is set to launch the country’s central bank digital currency on November 1st.
As per the report, about nine banks operating locally will be involved in the pilot program, this includes the State Bank of India, Bank of Baroda, Union Bank of India, HSBC, IDFC First Bank amongst others.
According to RBI, digital ruppe is meant to settle the secondary market transaction in government securities, and also to add more efficiency to the interbank market by reducing transaction costs of settlements.
The digital rupee will be meant for the retail segment within a month in a few locations. Retail CBDCs are used by households and businesses, which allows them to pay directly and as well store value through the digital version of a specific fiat currency.
Even though the Indian government has been very fast in the development of CBDC, the country’s authorities have been making trading and investing in crypto uneasy for the Indian crypto industry after announcing a 30% tax on holding and transferring crypto assets earlier this year.
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