THE PILOT PROJECT: CBDC (Central Bank Digital Currency) LAUNCHING ON 1ST DECEMBER
India’s much awaited CBDC (Central Bank Digital Currency) a sort of official crypto-currency for retail users is launching on 1 st December, Thursday 2022. Initially four banks are going to operate the use of it State bank of India, ICICI Bank, Yes Bank and IDFC First bank and also currently in four cities Mumbai, New Delhi, Bengaluru and Bhubaneswar. The advantages of e-rupee has said by RBI earlier key motivations for exploring the issuance of CBDC in India among others include reduction in operational costs involved in physical cash management, fostering financial inclusion, bringing resilience, efficiency and innovation in the payments system. WHAT ARE THE FUTURE PLANS OF RBI THROUGH CBDC? As we all know previously also it is said by our government that India will have its own form of e-rupee though our economic system is also boosting throu...