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India will test the digital rupee in November

India will test the digital rupee in November.

Increasingly, we are seeing various countries thinking about creating their own digital currency. India has not been spared.

The Reserve Bank of India will start testing the central bank’s wholesale digital currency (CBDC) on November 1.

The bank said in a statement that the use of the wholesale digital rupee is “to settle secondary market transactions with government securities”.

The pilot will involve nine banks, including State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC.

RBI also said that the pilot launch of the retail version is planned for a month in certain locations in closed user groups, which include both buyers and sellers.

Read more at the link: https://www.coindesk.com/policy/2022/10/31/indias-central-bank-to-start-wholesale-cbdc-pilot-nov-1/