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The introduction of CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934, were made with the passage of the Finance Bill 2022

RBI set to launch digital rupee pilot in call money market by October

The introduction of CBDC was announced in the Union Budget 2022-23 by Finance Minister Nirmala Sitharaman and necessary amendments to the relevant section of the RBI Act, 1934, were made with the passage of the Finance Bill 2022

The Reserve Bank is set to launch the pilot phase of its Central Bank Digital Currency (CBDC) for interbank borrowing or the call money market by October, according to central bank Executive Director Ajay Kumar Choudhary's announcement on Sunday.
The wholesale CBDC, known as the Digital Rupee-Wholesale (e-W), initiated on November 1, 2022, was initially limited to settling secondary market transactions in government securities.
Choudhary stated, "The RBI will introduce the wholesale CBDC in the call market either this month or next month," on the sidelines of the G20 Leaders' Summit.
The introduction of CBDC was part of the Union Budget 2022-23 and was announced by Finance Minister Nirmala Sitharaman. Amendments to the relevant section of the RBI Act, 1934, were made through the Finance Bill 2022.
Nine banks, including State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, YES Bank, IDFC First Bank, and HSBC, were selected by the RBI for the wholesale CBDC pilot project.
Additionally, the central bank had previously initiated a pilot for the retail version of CBDC (e-R) on December 1, 2022. The e-R is issued in digital token form, representing legal tender, with denominations matching paper currency and coins. Distribution is managed through financial intermediaries like banks, and users can transact with e-R through digital wallets provided by participating banks.
At the G20 Summit, the RBI showcased various digital initiatives in the financial sector, including the Public Tech Platform (PTP) for Frictionless Credit, CBDC, UPI One World, RuPay On-The-Go, and the Bharat Bill Payment System.

Seven major Indian banks, including SBI and Bank of Baroda, have integrated UPI QR code compatibility into their Digital Rupee apps as part of the RBI's CBDC pilot project

SBI and 6 other Indian banks' digital rupee now linked to UPI  

Seven major Indian banks, including SBI and Bank of Baroda, have integrated UPI QR code compatibility into their Digital Rupee apps as part of the RBI's CBDC pilot project

Customers of seven major banks in India can now enjoy the convenience of using the Unified Payments Interface (UPI) QR code for digital rupee transactions. This latest development is part of the Reserve Bank of India's (RBI) Central Bank Digital Currency (CBDC) pilot project, aimed at revolutionizing digital payments in the country.
State Bank of India (SBI) and Bank of Baroda have recently joined the UPI interoperability bandwagon, allowing users of their Digital Rupee application to scan QR codes at various merchants. This means that customers can seamlessly make payments for their groceries and daily expenses using the digital rupee app.
Kotak Mahindra Bank and Yes Bank led the way by launching UPI interoperability on the RBI's CBDC app just days before. Axis Bank followed suit by integrating UPI interoperability into their 'Axis Mobile Digital Rupee' app.
HDFC Bank, the country's largest private lender, was the first commercial bank to complete the integration process, introducing a similar UPI QR code interoperability with the digital rupee. Canara Bank also jumped on the digital rupee bandwagon by launching the 'Canara Digital Rupee' mobile app in August. What is the Central Bank Digital Currency programme
The RBI's Central Bank Digital Currency (CBDC) pilot programme, initiated in 2022, introduced the Digital Rupee as a tokenized digital version of the Indian Rupee.
Regulated and issued by the RBI, the Digital Rupee utilizes a unique QR code mechanism for transactions. By integrating CBDC with UPI QR codes, the digital rupee aims to become an essential component of everyday transactions, offering a secure and efficient means of making payments. Also Watch: <a href="https://www.editorji.com/business-news/central-bank-digital-currency-hdfc-bank-onboards-over-1-lakh-customers-1689261358301">Central bank digital currency: HDFC Bank onboards over 1 lakh customers</a>

Two months after launching CBDC for wholesale and retail respectively, the RBI adds five more banks to join the pilot on the central bank digital currency or e-rupee for retail customers and the project will be extended to nine additional cities

E-Rupee to be piloted by 5 more banks in 9 more cities soon

Two months after launching CBDC for wholesale and retail respectively, the RBI adds five more banks to join the pilot on the central bank digital currency or e-rupee for retail customers and the project will be extended to nine additional cities

&nbsp;Five more banks will join the pilot on the central bank digital currency or e-rupee for retail customers and the project will be extended to nine additional cities, the Reserve Bank said on Wednesday.
The Reserve Bank, which began piloting the central bank digital currency or e-rupee for retail customers in early December with eight banks in five cities, stressed that it does not want to rush with it but favours a slow and steady adoption.
The retail CBDC is available for only 50,000 users now and of them 5,000 are merchants. The service is being offered on invitation basis by eight banks across five cities now, deputy governor T Rabi Sankar told reporters on Wednesday at the customary post-policy presser.
Given the glitches-free adoption so far, five more banks will be added soon on to the platform along with increasing the number of cities where the pilot service is available now from the present five to nine more, Sankar said.
"Having said on this and the risk of being right, let me just reiterate that we want the process to happen. But we want the process to happen gradually and slowly. We are in no hurry to make something happen very quickly.
"We have our targets in terms of users, in terms of merchants and all that. But we will go through it slowly because we don't want to do something without actually understanding what the possible impact and that impact can be,&rdquo; the deputy governor said.
On the volume of transaction, he said it is increasing slowly and so far it has totalled at around Rs 7.7 lakh only.
The RBI on November 1, and December 1, 2022, launched the CBDC for wholesale and retail respectively. While the use case of the wholesale CBDC is limited to the settlement of secondary market transactions in government securities, the retail e-rupee-is being piloted within a closed user group (CUG) comprising participating customers and merchants.
The first phase includes four banks--State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank and subsequently, four banks Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank joined.

The use of digital rupee is also expected to reduce the operational costs related to management of physical currency as well as increase financial inclusion in the economy

RBI launches retail digital rupee in four cities

Digital rupee in four cities

The use of digital rupee is also expected to reduce the operational costs related to management of physical currency as well as increase financial inclusion in the economy

The Reserve Bank of India (RBI) on Thursday launched the first pilot project for retail digital rupee in Mumbai, New Delhi, Bengaluru and Bhubaneswar.
The retail digital rupee (e?-R) project has started in a closed user group with the participation of four lenders -- State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank -- as well as customers and merchants.
The launch comes a month after the Reserve Bank of India (RBI) started a pilot in the digital rupee - wholesale on November 1.
In the second phase of retail digital rupee project, nine more cities and four more banks will be included.
The e?-R is in the form of a digital token that represents legal tender and would offer "features of physical cash like trust, safety and settlement finality", according to the RBI.
"As in the case of cash, it will not earn any interest and can be converted to other forms of money, like deposits with banks," the central bank said while announcing the pilot project on November 29.
The use of digital rupee is also expected to reduce the operational costs related to management of physical currency as well as increase financial inclusion in the economy.

Nine banks — State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC — have been identified for participation in the pilot

RBI to kickstart e-rupee pilot today

Nine banks &mdash; State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC &mdash; have been identified for participation in the pilot

The Reserve Bank of India announced that it will launch its digital rupee on November 1 as a pilot project for transactions in the wholesale market. The digital rupee will be used to settle inter-bank transactions of bonds issued by the government, the RBI said in a statement.
The digital currency is equivalent to the banknote but will be issued in electronic form.
Nine banks &mdash; State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC &mdash; have been identified for participation in the pilot, the RBI said.
It also said that a pilot of the digital rupee for the retail market would be launched within a month in among a closed group of customers and merchants.

Central bank digital currencies or CBDCs are legal tender created by the central bank of a nation. The only difference between digital currency and traditional cash

Budget 2022: What is digital rupee that RBI will introduce? All you need to know

In a big boost to India's digital economy, Finance Minister Nirmala Sitharaman announced in her budget speech, that the RBI will soon introduce a digital rupee - using blockchain and other technology in 2022-23. here's all you need to know.

VIDEO MODE
((opening bite)) Nirmala Sitharaman, Finance Minister (from budget speech) "A digital rupee will be issued using blockchain technology by the RBI starting 2022-23. This will give a big boost to the economy"
VO: In a big boost to India's digital economy, Finance Minister Nirmala Sitharaman announced in her budget speech, that the RBI will soon introduce a Digital Rupee - using blockchain and other technology in 2022-23.&nbsp;The move comes amid deliberation over the regulation of cryptocurrency.
Here's all you need to know about the digital rupee.
TEXT PLATE: What is digital currency?
SUPER: Central bank digital currencies (CBDCs) are official legal tender
SUPER: Digital Rupee will be backed by the Reserve Bank of India
Central bank digital currencies or CBDCs are legal tender created by the central bank of a nation.&nbsp;The only difference between digital currency and traditional cash is that CBDCs are digital.
But unlike other cryptocurrencies that are DeFi or decentralised financial tokens, CBDCs are backed by the central bank just like all other currencies.&nbsp;So, the Digital Rupee is essentially going to be the digital representation of a rupee backed by the Reserve Bank of India (RBI).
 TEXT PLATE: But, why have a Digital Rupee?
SUPER: Users will be able to use Digital Rupees via a wallet
SUPER: Blockchain-backed wallets can be regulated by RBI
Right now, you keep your money in a bank account, where it exists digitally.&nbsp;But what if some of your funds could live in an account run by the RBI, and you could access it with a digital wallet?&nbsp;That&rsquo;s the basic idea behind the Digital Rupee, and experts hope that it will fix some of the problems in traditional banking.
The operative word is here regulation. The CBDC is a digital form of fiat currency which can be transacted using wallets that are backed by blockchain and can be regulated by the RBI.
 TEXT PLATE: What are the pros of a digital currency?
#1&nbsp;Pro: low volatility
SUPER: One Digital Rupee is same in value as one paper Rupee
Unlike cryptocurrencies, such as Bitcoin, a Digital Rupee would be worth exactly that: one rupee. The digital &ldquo;token&rdquo; held by the owner is backed and guaranteed by the RBI, so there is no question as to its value.
#2&nbsp;Pro: efficiency
SUPER: Digital Rupee would operate exactly like cash, but digitally
While normal digital transactions might seem instantaneous, there is a vast web of digital infrastructure underpinning a simple bank or money transfer, requiring multiple exchanges of information between financial services providers. A digital rupee would operate like cash, that is, all the information needed to verify that a transaction has taken place exists within the token stored in a digital wallet. When a payment is made, that information is encoded in the token itself, making that information a permanent element of the token.
#3&nbsp;Pro: global accessibility
SUPER: Digital Rupee can be used in cross-border &amp; domestic transactions
A digital rupee could be used around the world, in both cross-border and domestic transactions, which do not require a third party or a bank.&nbsp;This essentially means, with wider Internet&nbsp;and smartphone penetration, CBDCs could help bring about massive financial inclusion.
TEXT PLATE: Do other nations have digital&nbsp;currencies?
India is not the first nation looking to introduce a digital currency.
SUPER: China plans to launch its digital currency, e-CNY this year
China, for example is leading the experiment with the e-Yuan. The e-Yuan or e-CNY is basically China&rsquo;s answer to the cryptocurrency challenge, and is set for rapid take-off on its expected launch in 2022. It is a centralized, cash-like digital currency that is expected to be primarily used for retail payments in China.
SUPER: US Fed is working on a plan to launch the Digital Dollar
In the United States, the federal reserve is stepping up development of a plan that could result in the issuance of a digitized version of the U.S. dollar.
As world powers rethink how money will be exchanged in the future, India clearly doesn't want to be left behind.

<div class="article-head-block margin-bt20px">
The digital rupee will be a digital depiction of an Indian rupee supported by the Reserve Bank of India (RBI).
</div>

In a big boost to India's digital economy, Finance Minister Nirmala Sitharaman announced in her <a href="https://www.editorji.com/business-news/budget" target="_blank">budget speech</a>, that the RBI will soon introduce a digital rupee - using blockchain and other technology in 2022-23.&nbsp;The move comes amid deliberation over the regulation of cryptocurrency.
<h2>Here's all you need to know about the digital rupee.</h2>
<h2>What is digital currency or Central bank digital currencies (CBDCs)?</h2>
Central bank digital currencies or CBDCs are legal tender created by the central bank of a nation.&nbsp;The only difference between digital currency and traditional cash is that CBDCs are digital.
But unlike other cryptocurrencies that are DeFi or decentralised financial tokens, CBDCs are backed by the central bank just like all other currencies.
So, the <a href="https://www.editorji.com/business-news/budget/budget-2022-digital-rupee-to-be-issued-by-rbi-in-2022-23-1643701108102" target="_blank">digital rupee</a> is essentially going to be the digital representation of a rupee backed by the Reserve Bank of India (RBI).
<h2>But, why have a digital rupee?</h2>
Right now, you keep your money in a bank account, where it exists digitally.
But what if some of your funds could live in an account run by the RBI, and you could access it with a digital wallet?
That&rsquo;s the basic idea behind the digital rupee, and experts hope that it will fix some of the problems in traditional banking.
The operative word is here regulation. The CBDC is a digital form of fiat currency which can be transacted using wallets that are backed by blockchain and can be regulated by the RBI.
<h2>How would the digital rupee work?</h2>
Digital money is like the paper rupees that you take out from an ATM. The digital rupee wouldn&rsquo;t completely replace all paper currencies, so you could still withdraw cash, but a portion of the reserve would be made available digitally.
Though the concept of Central bank digital currencies or CBDCs, was directly inspired by cyptocurrencies like the Bitcoin, it is different from decentralised virtual currencies and crypto assets, which are not issued by the state and lack the &lsquo;legal tender&rsquo; status.
So, it essentially means that the digital rupee is as good as a physical rupee for all transactions. A digital rupee will have the same value as the physical rupee.
<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-digital-currency-vs-cryptocurrency-what-s-the-difference-1637738627963" target="_blank">Digital currencies</a> are easy to use, just as the introduction of UPI made digital cash easier to use.
<h2>What are the pros of a digital currency?</h2>
<h3>#1&nbsp;Pro: low volatility</h3>
Unlike <a href="https://www.editorji.com/business-news/cryptocurrency" target="_blank">cryptocurrencies, such as Bitcoin</a>, a digital rupee would be worth exactly that: one rupee. The digital &ldquo;token&rdquo; held by the owner is backed and guaranteed by the RBI, so there is no question as to its value.
<h3>#2&nbsp;Pro: efficiency</h3>
While normal digital transactions might seem instantaneous, there is a vast web of digital infrastructure underpinning a simple bank or money transfer, requiring multiple exchanges of information between financial services providers. A digital rupee would operate like cash, that is, all the information needed to verify that a transaction has taken place exists within the token stored in a digital wallet. When a payment is made, that information is encoded in the token itself, making that information a permanent element of the token.
<h3>#3&nbsp;Pro: global accessibility</h3>
A digital rupee could be used around the world, in both cross-border and domestic transactions, which do not require a third party or a bank.
Also Watch:&nbsp;<a href="https://www.editorji.com/liveblog/budget/budget-2022-live-updates-fm-nirmala-sitharaman-to-present-budget-at-11-am-today-26" target="_blank">Budget 2022 Live Updates: Record Capex,&nbsp;Tax on Crypto&nbsp;&amp; No Income Tax relief for middle class</a>
This essentially means, with wider Internet&nbsp;and smartphone penetration, CBDCs could help bring about massive financial inclusion.
<h2>Do other nations have digital&nbsp;currencies?</h2>
India is not the first nation looking to introduce a digital currency.
China, for example is leading the experiment with the e-Yuan. The e-Yuan or e-CNY is basically China&rsquo;s answer to the cryptocurrency challenge, and is set for rapid take-off on its expected launch in 2022. It is a centralized, cash-like digital currency that is expected to be primarily used for retail payments in China.
In the United States, the federal reserve is stepping up development of a plan that could result in the issuance of a digitized version of the U.S. dollar.
As world powers rethink how money will be exchanged in the future, India clearly doesn't want to be left behind.
Also Watch:&nbsp;<a href="https://www.editorji.com/business-news/cryptocurrency/crypto-bill-digital-currency-vs-cryptocurrency-what-s-the-difference-1637738627963" target="_blank">Crypto Bill: Digital Currency Vs. Cryptocurrency &ndash; What&rsquo;s the difference?</a>

In a big move towards the digital token acceptance, the biggest skeptic of the technology RBI&nbsp;is looking to launch trials of the digital rupee by the end of this year as per reports.&nbsp;RBI&nbsp;is aiming at starting trials for the digital currency by December said central bank governor Shaktikanta&nbsp;Das&nbsp;to CNBC&nbsp;in an interview. The banking regulator stated &ldquo;We are being extremely careful about it because it&rsquo;s completely a new product, not just for RBI, but globally.&rdquo;The RBI&nbsp;who had looked at putting a complete stop to the crypto&nbsp;trade in India in 2018 is now looking at the blockchain bet by having a centralized ledger for the digital currency or the so-called distributed ledger technology (DLT).Central banks across the globe from China, Europe and the U.K.&nbsp;are exploring digital currencies&nbsp; or CBDCs that would be issued by them to have some 'control' on the fast growing digital token trade.&nbsp;

Digital Rupee soon: Digital currency trials to start by December says RBI Governor

Digital Rupee could be a reality by this year end. RBI&nbsp;Governor says central bank readying trials for the CBDC.&nbsp;

Digital Rupee trial by December says RBI governor 

The Reserve Bank of India may launch its first digital currency trial programs by December, RBI&nbsp;governor Shaktikanta Dasw&nbsp;said in an interview with CNBC&nbsp;global.&nbsp;

In a big move towards the digital token acceptance, the biggest skeptic of the technology RBI&nbsp;is looking to launch trials of the digital rupee by the end of this year as per reports.&nbsp; RBI&nbsp;is aiming at starting trials for the digital currency by December said central bank governor Shaktikanta&nbsp;Das&nbsp;to CNBC&nbsp;in an interview. The banking regulator stated &ldquo;We are being extremely careful about it because it&rsquo;s completely a new product, not just for RBI, but globally.&rdquo; The RBI&nbsp;who had looked at putting a complete stop to the crypto&nbsp;trade in India in 2018 is now looking at the blockchain bet by having a centralized ledger for the digital currency or the so-called distributed ledger technology (DLT). Central banks across the globe from China, Europe and the U.K.&nbsp;are exploring digital currencies&nbsp; or CBDCs that would be issued by them to have some 'control' on the fast growing digital token trade.&nbsp;
Also watch:&nbsp;<a href="https://www.edtr.ai/9yd9" target="_blank">Get your wallets ready for Digital Rupee</a>

As the legality of cryptocurrency in India remains murky the Reserve Bank of India is working toward a &ldquo;phased implementation strategy&rdquo; of a Central Bank Digital Currency (CBDC). Which essentially means the RBI&nbsp;is looking for a pilot project to roll out a Digital Rupee.
Deputy Governor T. Rabi Sankar said&nbsp;introduction of a digital rupee will protect people from the volatility of private virtual currencies.&nbsp;&ldquo;Central banks have increased their attention on digital currencies,&rdquo; in recent years, Sankar said, adding that the introduction of such currencies -- which will be backed by the sovereign -- will help in bringing down the usage of cash in the economy, while minimizing the damage to the public from the usage of private currencies.The RBI has&nbsp;expressed&nbsp;concern about cryptocurrencies on a number of occasions, citing issues such as money laundering and terrorism financing. China has led the way in introducing a digital currency as it rolls out the Digital Yuan amongst citizens in the mainland.&nbsp;

Get your wallets ready for Digital Rupee; RBI says digital currency to have phased introduction

Digital Rupee vs Cryptocraze 

Digital Rupee to be at par with cash, RBI&nbsp;increases focus as volatility in cryptocurrencies&nbsp;rises&nbsp;

As the legality of cryptocurrency in India remains murky the Reserve Bank of India is working toward a &ldquo;phased implementation strategy&rdquo; of a Central Bank Digital Currency (CBDC). Which essentially means the RBI&nbsp;is looking for a pilot project to roll out a Digital Rupee.
Deputy Governor T. Rabi Sankar said&nbsp;introduction of a digital rupee will protect people from the volatility of private virtual currencies.&nbsp; &ldquo;Central banks have increased their attention on digital currencies,&rdquo; in recent years, Sankar said, adding that the introduction of such currencies -- which will be backed by the sovereign -- will help in bringing down the usage of cash in the economy, while minimizing the damage to the public from the usage of private currencies. The RBI has&nbsp;expressed&nbsp;concern about cryptocurrencies on a number of occasions, citing issues such as money laundering and terrorism financing. China has led the way in introducing a digital currency as it rolls out the Digital Yuan amongst citizens in the mainland.&nbsp; Read/Watch Also: <a href="https://www.edtr.ai/9xdx">Bitcoin's&nbsp;volatile ride</a>

digital rupee

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