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The Reserve Financial institution of India (RBI) on Tuesday introduced a pilot for retail central financial institution digital foreign money (CBDC) on 1 December. The digital rupee could be within the type of a digital token that represents authorized tender, the RBI mentioned.
“The pilot would cowl choose areas in closed person group (CUG) comprising taking part clients and retailers” the RBI mentioned in an announcement.
It could be issued in the identical denominations that paper foreign money and cash are at the moment issued. It could be distributed by way of intermediaries, i.e., banks.
The central financial institution additionally mentioned that customers will be capable of transact with digital rupee by way of a digital pockets provided by the taking part banks and saved on cellphones / gadgets.
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