RBI to soon launch Digital Rupee on pilot basis for limited use

The Reserve Bank of India (RBI) on Friday said that it will soon commence the pilot launch of the Digital Rupee for specific use cases as it tests digital currency in India. It released a concept note on the Central Bank Digital Currency (CBDC).

The RBI said that the purpose behind issuing the concept note is to create awareness about CBDCs in general and the planned features of the Digital Rupee.

“It explains the objectives, choices, benefits, and risks of issuing a CBDC in India. The note also seeks to explain Reserve Bank’s approach towards introduction of the CBDC,” the central bank said in a statement.