RBI Digital Currency: RBI is going to launch its digital currency pilot project soon!

RBI Digital Currency: RBI may soon rollout its digital currency (CBDC). RBI’s digital currency will be interoperable with all types of payment systems. National Payment Corporation of India is preparing the platform for digital currency and it will be similar to UPI platform. RBI wants all banks to test retail CBDC as a pilot project above 10,000 to 50,000 users.

The entire banking system will be linked
Presently SBI, Bank of Baroda, Union Bank of India, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Yes Bank and IDFC First Bank are participating in this trial project but later the whole banking system will be connected with it.

Digital currency in e-Rupee
Just as there is a common library for UPI, similarly NPCI has hosted a platform for the digital currency of the Central Bank. In this, e-rupee will be stored in the wallet. The denomination will be decided based on the request of the customer, such as a request to withdraw cash from an ATM. At present, banks are going to launch this project in special cities.

First central bank to introduce virtual currency
The first transaction will be between customers and merchants, for which banks have tied up with fintech service providers PayNearby and Bankit. In the rollout, specific customers will be asked to download an app or wallet that holds e-rupees. The customer has to place a request for e-Rupee of a particular denomination to his bank which will be transferred to his digital currency wallet. RBI is going to join the first Central Banks of the world to launch its virtual currency.

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