First Digital Rupee Pilot to Launch on December 1, 2022

First Digital Rupee Pilot to Launch on December 1

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The RBI asserts that because the Retail Pilot Rupee is a direct liability of the Central Bank, it may offer access to safe money for payment and settlement.

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The RBI announced on Tuesday that the first pilot for retail digital rupee will begin on December 1, 2022.

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The Pilot would affect participating customers & merchants in certain locations in a closed user group.

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A Digital Wallet provided by the participating banks will enable users to transact with the Digital Rupee.

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During the Pilot project, testing will be conducted for the entire digital rupee process of manufacturing, distribution, and retail use.

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The Central Bank digital currency is a digital currency rollout RBI at selected locations.

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