And here comes  e₹ (Digital Rupee) in India

While India has been at the forefront of Digital payment, here comes yet another interesting move – e₹ (Digital Rupee)! India’s own Central Bank Digital Currency (#CBDC).

CBDC is a digital form of currency notes issued by a central bank. In layman’s terms, it is money that does not have physical existence and merely exists digitally!

There are two types of CDBCs that the Indian government plans to introduce:
a. CBDC-W – CBDC Wholesale – intended for the settlement of interbank transfers and related wholesale transactions
b. CBDC-R – CBDC Retail –  It is an electronic version of cash primarily meant for retail transactions.

The first pilot in the Digital Rupee – Wholesale segment (e₹-W) shall commence on November 1, 2022. This is predominantly for the settlement of secondary market transactions in government securities, thereby making the interbank market more efficient.

The first pilot in Digital Rupee – Retail segment (e₹-R) is planned for launch within a month in select locations in closed user groups comprising customers and merchants!

Exciting times are ahead!
#currency #money #india #retail #bank