After a long wait, now India’s first digital currency is going to be launched on Tuesday, 1st November. The Reserve Bank of India (RBI) will conduct the first pilot test of its digital currency – ‘Digital Rupee’ from today.
The digital currency has always been a topic of discussion in India due to the strictness of cryptocurrency and bitcoin. But now the digital currency is being introduced by RBI. Obviously, this step will give a new direction to many sectors of India.
During this time, customers can use this digital currency for transactions in government security. State Bank of India (SBI), Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC have been identified to participate in the pilot trial. RBI also said that the first pilot trial of the Digital Rupee (retail segment) will be conducted in select locations among specific user groups, which include customers and merchants. The plan is to launch it within a month.
What is Digital Currency?
Digital currency is a form of currency that is available only in digital or electronic form. It is also called digital money, electronic money, electronic currency or cyber cash.
