02/11/2022
Headscoin: -The Reserve Bank of India ( RBI ) will launch the first pilot project for central bank digital currency ( CBDC ) or e - rupee, i.e. today. 2:16 PM CRYPTO ON INDIA Posts The pilot will see nine banks, including SBI, Bank of Baroda, HDFC Bank, Yes Bank, Kotak Mahindra Bank, and ICICI Bank, settling secondary market transactions in government securities. The pilot project will focus on the settlement of secondary market transactions for government securities.What exactly is digital currency? KAR Central Bank Digital Currency ( CBDC ) is a digital form of legal tender issued by the Reserve Bank of India ( RBI ). Can it be exchanged for fiat currency? Yes, it can be one-for-one as it is a digital form of fiat currency, i.e the Indian rupee. Will it be available to all? It will be initially available for the wholesale segment and extended to the retail category in a month. According to RBI, a pilot project for retail e - rupee will start within a month in select locations in closed user groups. What will be the prime focus of the launch? Going forward, future pilots will focus on wholesale transactions and cross-border payments based on the pilot's learnings. Settlement in central bank money would reduce transaction costs
