Winning Bizness Desk
Mumbai. Soon the domestic currency may be launched in its digital avatar as the Reserve Bank has finally announced that it is preparing to launch a pilot of e-rupee. According to the Reserve Bank, in this pilot project, e-rupee will be used only for special situations. Along with this, the Reserve Bank has also issued a concept note on Central Bank Digital Currency. The purpose of this note is to spread awareness among the people about the digital currency and especially about the features of the digital rupee. So that the use of digital currency can be ensured in the coming time. The Reserve Bank of India has said that it will soon launch the e-Rs for exclusive use on a pilot basis. The central bank is testing digital currency in India.
Concept note also discusses key issues
The RBI, in a concept note on 'Central Bank Digital Currency' (CBDC), said that with the expansion of the range and scope of such offerings on a pilot basis, the specific features of e-rupee and Information about benefits will be given. The concept note also discusses key issues such as the technology and design options of digital currency, possible uses of digital currency, and issuance mechanism of digital currency. It examines the implications of the introduction of CBDCs on the banking system, monetary policy and financial stability. In addition, privacy issues have also been analyzed.