India is Introducing its First Retail Digital Currency on December 1
- 29, November , 2022
NewsToday: India is introducing its first retail digital currency on December 1.
Initially, the program will be tested by including consumers and merchants among the limited persons, after which the wholesale sector will be made part of the pilot program.
Initially, 4 cities and 4 banks will be part of this pilot program, and gradually, this number will be increased.
The Reserve Bank of India (RBI) anticipates that this digital currency would lessen people's dependency on cash while steering them away from private cryptocurrencies.
According to the bank, new functions and apps would be introduced to digital money depending on the preliminary test results. For numerous years, the RBI has attempted to keep citizens away from cryptocurrency trading. India is introducing digital money at a time when other countries across the world are also working on similar schemes.
Singapore has scheduled a trial of digital money in October 2022, while China is experimenting with it.