The concept of central bank digital currency (CBDC) has been increasingly engaged in recent discussions as worldwide governments speed up the analysis and development of the novel form of currency. The focus of the week is on India, France, and Luxembourg.
CBDCs Are Here
Following the news of the wholesale CBDC pilot launch earlier this month, the Reserve Bank of India (RBI) announced it will test the retail digital rupee in December. The pilot is set to launch in four cities including Mumbai, New Delhi, Bengaluru, and Bhubaneswar.
Upon the launch, the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank will be the initial banking participants. According to the RBI’s Tuesday statement, there will be an addition of nine cities and four banks at the next stage of the program.
The experiment will be open to a specific group of users and merchants. The digital rupee will be released, “in the same denominations that paper…
