The Reserve Bank of India took a step forward in using CBDC, by pilot-launching the Digit rupee for the wholesale segment. However, the Indian Central banks have dropped an estimated date for the launch of the Digital Rupee for the retail segment.
The Central Bank of India is seeking to launch the trial of the e-rupee for the retail sections by this month. However, the pilot launch of e-rupee for the wholesale segment turned out to be successful so far. The selected banks traded ₹275 crores of bonds using the new form of currency on Day 1 of the launch.
RBI has selected nine major banks to roll out the pilot launch of E-rupee. It highlighted that the use case of the Indian CBDC will be a settlement of secondary market transactions in public securities.
It added that RBI Chief Shaktikanta Das at a banking conclave said that the E-rupee launch is a landmark moment in the history of India. The new currency will transform the way business is done in the country.
The conclave was organized by the Indian Banks’ Association (IBA) and the Federation of Indian Chambers of Commerce and Industry (FICCI).
RBI Chief highlighted that the central bank is looking to resolve all aspects of Central Bank Digital Currency CBDC before its full fledge launch. However, India’s monetary policy committee (MPC) will meet outside scheduled meetings to discuss inflation target miss.
Earlier, Coingape reported that the Indian Finance Minister has pointed out the eight priority areas for G20 discussions. Crypto regulations and their impact are on the list. India will be urging the nations to put a collective effort into making rules around digital assets.