Digital Rupee Launch News Today

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As per CBDC tracker, almost 105 countries representing 95 percent of the worlds GDP have taken steps to inculcate digital currency in their ecosystem.

Anuj Ranjan, the top general manager of the RBIs fintech division, reportedly stated that the pilot project has moved pretty nicely in a closed-user group and that the number of users is gradually increasing when speaking at an event at the Indian Merchants Chamber.

The Reserve Bank of India (RBI) has launched digital Rupee in 4 cities today. The aim is to gradually do away with paper money. It is not linked with cryptocurrency. 

Digital Rupee or e-Rupee is a form of digital token that represents legal tender. Unlike cryptocurrencies, the digital Rupee is issued in the same denominations as paper currency and coins. 

The first phase will begin with four banks namely State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank in four cities across the country.

Digital Rupee Launch Date: The RBI also said the first pilot of the Digital Rupee - Retail segment is planned for launch within a month in select locations in closed user groups comprising customers and merchants.

The digital rupee is still in planning stage and its final shape can change, depending on the outcome of RBIs pilot trials.

Finance Minister Nirmala Sitharaman in her budget speech last week talked about launching a central bank-backed 'digital rupee' soon

The digital rupee will be issued by reserve Bank of India (RBI) and will be launched within 2022-2023.