India’s central bank will launch its first pilot of a digital rupee for individual users on Thursday
—and a closed group of users. Digital rupee tokens will be issued in the same denominations as paper currency or coins in India. Users can transact with merchants or other users through a digital wallet issued by participating banks.
In October, the RBI launched a pilot to test the digital rupee to settle secondary-market transactions in government securities. “Going forward, other wholesale transactions, and cross-border payments will be the focus of future pilots, based on the learnings from this pilot,” the RBI said in a statement.at one of the fastest rates of anywhere in the world, thanks partly to a government-backed payment system, the Unified Payments Interface.
“The use cases have to be compelling for people to move away from a normal bank account where they can withdraw money and earn interest,” said Mihir Gandhi, partner and leader, payments transformation at PwC India. One possible use would be if the digital rupee were to enable cheap and efficient cross-border payments, given that India is one of the world’s largest recipients of overseas remittances. “That will be the future,” said Mr. Gandhi.Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
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