India Will Soon Test ‘E-Rupee

 The Reserve Bank of India has proposed a phased pilot of its version of a Central Bank Digital Currency.

India’s central bank outlined its vision for a digital version of the rupee, referred to as the e-rupee.

Central banks across the globe are showing an increased interest in CBDCs as an alternative to paper money, in countries from Australia to the U.S.

The RBI plans on rolling out the e-rupee in limited pilot launches, with the intent of implementing it as an additional form of currency issued alongside paper money. The paper states the e-rupee will also serve as an alternative to Cryptocurrencies .The RBI paper cited China and 16 other countries that are currently piloting their own version of a CBDC as a reason for moving forward with one now.

RBI will soon commence limited pilot launches of e for specific use.            

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