The smell test for e-rupee, the RBI’s digital currency
- Many are bound to ask if a digital currency ought to be introduced in a country where multiple digital payment options even for small-ticket transactions are on offer.
The Reserve Bank of India, like some of its global peers, has started what appears to be a long journey for the launch of a digital currency. And sensibly, the central bank has in line with the introduction of digital assets, decided to carry out pilot projects to assess the appetite or acceptance for a digital form of the rupee rather than be in a tearing hurry — if only to keep to the government’s budget proposal this year to launch a Central Bank Digital Currency (CBDC).
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