Taking a step towards the implementation of digital currency.
eserve Bank of India
will launch its first pilot for retail digital rupee on December 1.
The pilot will involve select cities, including Mumbai, Bengaluru, Bhubaneswar, and Ahmedabad.
It will also include a closed user group consisting of participating merchants and customers.
The retail digital rupee will be issued as a digital token and would be distributed through banks.
The tokens will be issued in the same denominations as paper money.
They will be used for P2P transactions, including person-to-merchant (P2M) transactions
They will be used to pay merchants using QR codes displayed at their locations.
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