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Reserve Bank of India (RBI) is preparing to launch a retail pilot of digital rupee (CBDC). The pilot release should take place within a month - in December.
Now the central bank is in the lastthe launch preparation stage, and among the project participants are such large commercial organizations as Union Bank of India, ICICI Bank, Bank of Baroda, Kotak Mahindra Bank and others. In the future, all commercial banks in the country will be involved in the project.
Each bank participating in the project will have totest the digital rupee on an audience ranging from 10,000 to 50,000 users. To integrate the new payment method, banks will use the Bankit and PayNearby platforms, and the infrastructure itself will belong to the National Payments Corporation of India (NPCI).
The state digital currency will bestored in user wallets and issued upon request - similar to withdrawing cash from an ATM. For now, services will be available only in some cities. Customers will have to download special wallets, but later RBI plans to fully integrate the service with existing digital banking applications so that users do not have to switch to third-party platforms.
Earlier, the CEO of the Binance exchange, Changpeng Zhao, called India a country unsuitable for the development of cryptocurrency business due to its strict tax regime.
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