Cryptocurrencies
India to Test Retail Version of Digital Rupee in Thursday Launch
- e-Rupee will come in the same denomination as notes and coins
- Four banks to participate initially; four more to join later
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India’s central bank will launch the retail version of its digital currency on a test basis starting Thursday, a month after allowing some banks to use it for settling secondary-market transactions in government securities.
Four banks will initially run the digital currency pilot, with another four joining at a later stage, the Reserve Bank of India said in a Tuesday statement. A select group of customers and merchants will take part in the pilot and use the e-rupee as a replacement for hard cash. Digital currency would be issued “in the same denominations that paper currency and coins are currently issued,” the RBI said.