Reserve Bank of India, digital currency, e rupee: RBI To Launch Retail Digital Rupee On December 1 On Pilot Basis
Retail digital rupee transactions can be carried out through a digital wallet on mobile phones and other devices.
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Retail digital rupee transactions can be carried out through a digital wallet on mobile phones and other devices.
The RBI said the users will be able to transact with e₹-R through a digital wallet offered by the participating banks and stored on mobile phones / devices.
RBI said the pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants.
Users can carry out transactions through digital wallets; only those digital wallets offered by banks participating in the RBI's digital currency drive can transact in retail digital rupee.
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.