DIGITAL CURRENCY AND $40 TRILLION INDIAN ECONOMY BY 2047 ? AND CBDC eRUPEE & $4O TRILLION ECONOMY ? BY KUDOS KUBER.
India's Finance Minister Arun Jaitley has told the House that a pilot for the retail version of the CBDC (e₹-R) will be rolled out on December 01, 2022. The e-CBDC is in the form of a digital token that represents legal tender. It is being issued in the same denominations as the paper currency and coins.
Currently, RBI is testing the pilot in — Mumbai, New Delhi, Bengaluru, and Bhubaneswar. To buy digital Rupee, users will need to head to the official app or website of any of the four designated banks.
Even after the 500 and 1,000 rupee notes were demonetized in 2016 and the number of digital transactions increased, India's reliance on cash has remained strong.
CBDCs could enable central banks to address a wide range of systemic objectives—ensuring financial inclusion, reducing fraud and money laundering, guaranteeing sovereign alternatives for digital payments, stimulating local payments innovation, and creating a new vehicle for monetary policy.
The Government of India announced the launch of the Digital Rupee — a Central Bank Digital Currency (CBDC) from FY 2022-23 onwards in the Union Budget placed in the Parliament on February 01, 2022. tender issued by a central bank in a digital form.
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