India will test the digital rupee in November

On November 1, the Reserve Bank of India (RBI) will launch a pilot project of https://gagarin.news/news/what-are-stablecoins-and-why-do-they-depreciate/ national digital currency (CBDC) in wholesale sales. Mass retail testing will begin within a month.

One of the goals of introducing digital rupees is to reduce operating costs in the trading of government securities in the secondary market.

Nine financial institutions will be participants in the CBDC pilot project, including India Bank, HSBC, ICICI Bank and others.

Testing digital rupees in retail will be carried out in separate retail outlets and closed groups of users, among which both customers and sellers.

The launch of the pilot became known in early October. Then RBI promised to periodically reveal information about the functions and advantages of digital rupees.

Recall, in June, deputy manager RBI T. Rabbi Sankar suggested that CBDC can completely displace private virtual currencies, including bitcoin.

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