Reserve Bank of India (RBI), is starting the Digital Rupee pilot today to streamline transactions between banks. RBI officials mentioned in their statement that the CBDC tested will significantly reduce transaction costs.
The central bank, Digital Rupee determined 9 banks for the pilot application. The most important banks to use CBDC are State Bank of India, HSBC, Union Bank of India and Baroda.
Authorities announced that they are considering testing the retail version of the Digital Rupee currency within a closed group by the end of the year. RBI, the central bank in the first days of last October digital currency (CBDC) He published a 50-page report on his concept.
The Asian giant is preparing to take over the rotating chair of the G-20 community as of December. The country’s Finance Minister, Nirmala Sitharaman, stated that cryptocurrencies will be on the agenda of the G-20.
CBDC Studies Continue Around the World
According to reports, 80% of countries with central banks CBDC continues to work for Bank for International Settlements (BIS) at the end of September; for digital currency Israel, Sweden and Norway’s announced that he had started working together. CBDC initiative carried out jointly by three major countries“Project Icebreaker” got its name.
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