India all set to commence pilot project of digital rupee

The Indian central bank will soon commence limited pilot launches of a central bank backed digital rupee for specific use cases, it said in a concept paper released on Friday, according to Reuters.

The Reserve Bank of India has been exploring the pros and cons of a central bank digital currency for some time and is currently engaged in working towards a phased implementation strategy, it said. Use cases are being examined for an e-rupee in a way that there is minimal or no disruption to the financial system, the RBI added.

In February, the Indian government had said that a digital rupee will be launched during the course of the current financial year.