RBI to Launch First Pilot for Retail Digital Rupee on December 1

Taking a step towards the implementation of digital currency.

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Reserve Bank of India will launch its first pilot for retail digital rupee on December 1.

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The pilot will involve select cities, including Mumbai, Bengaluru, Bhubaneswar, and Ahmedabad.

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It will also include a closed user group consisting of participating merchants and customers.

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The retail digital rupee will be issued as a digital token and would be distributed through banks.

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The tokens will be issued in the same denominations as paper money.

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They will be used for P2P transactions, including person-to-merchant (P2M) transactions.

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They will be used to pay merchants using QR codes displayed at their locations.

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