India’s Central Bank Begins First Digital Currency Pilot, With 9 Banks Participating

Started by Epoch-Times-Bot, Nov 01, 2022, 10:30 AM

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Epoch-Times-Bot

Nov 01, 2022, 10:30 AM
India's Central Bank Begins First Digital Currency Pilot, With 9 Banks Participating

The Reserve Bank of India (RBI) on Tuesday launched its first pilot program for a wholesale central bank digital currency (CBDC), with the participation of nine banks that it had shortlisted.
“The use case for this pilot is settlement of secondary market transactions in government securities,” the RBI said in a statement (pdf).
The nine banks include the State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC.
The wholesale CBDC is expected to improve inter-bank market efficiency as settlements in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or collateral to mitigate settlement risk, it stated....

Source: India's Central Bank Begins First Digital Currency Pilot, With 9 Banks Participating

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