Blockchain & crypto news from India
Shaktikanta Das, the governor of India’s central bank, has said recently that their Central Bank Digital Currency (CBDC) has amassed more than 5 million users. However, there should be no rush to implement a system-wide CBDC. The chief official of the Reserve Bank of India spoke recently at a conference in Bengaluru on Monday. India’s…
The pilot study of the CBDC has raised curiosity about the new digital currency. While the responses of participants are expectedly tepid and restrained, the question uppermost on everyone’s mind is – how is this better than UPI/Bhim/Paytm? The retail pilot of CBDC is planned on a limited scale, and currently only on invite basis….
Many firsts are being created during the retail trial phase of e-Rupee, India’s answer to Bitcoin and the onslaught of cryptocurrencies. The latest in the news are payment platforms and retail chains announcing their integration of the CBDC. Reliance Retail has shared it has integrated e-rupee into the Freshpik stores to begin with. This has…
The e-Rupee is the CBDC or central bank digital currency of India, to be launched in the near future to keep the threat of cryptocurrencies like Bitcoin at bay. The retail and wholesale pilots of the CBDC are the most recent stages of the digital rupee that will help test and improve upon the design…
The E-Rupee trial in the retail segment by RBI has clocked around 16,000 testers. The digital currency is currently designated CBDC-R (e₹-R). There are currently two pilots underway, one for retail and wholesale segment each. The retail pilot has done processing of Rs 64 lakh worth of transactions. After thorough research and sharing a concept…
The RBI plays the central role in India for issuing “clean and genuine notes”. Several factors have gone into the making of RBI’s CBDC or e-Rupee, the answer to Bitcoin and cryptocurrencies. The prime concern was security, given that this will be a national currency and the digital counterpart to the rupee. What is e…
Updated: December 3, 2022 India’s Reserve Bank of India is currently running two ongoing pilots to test and evaluate e-Rupee, the CBDC under development. The digital rupee is meant to be a response to the challenges of blockchain-based cryptocurrencies, and aims to take India into the age of virtual money, bringing the country in the…
After announcing the concept of e-Rupee and its pilot for wholesale secondary markets, the RBI has announced the beginning of the pilot phase for retail use of India’s CBDC, the e-Rupee (e₹-R). To study the digital rupee in a retail setting, a closed user group has been formed with merchants and customers. The CBDC is…
In a press note released yesterday, the Reserve Bank of India (RBI) has announced the beginning of the first pilot of the digital Rupee, called e-Rupee in India. The test area for the pilot is limited to the secondary market where settlement for government securities will be done using the digital rupee. The pilot begins…
After the killing of the multi-headed Ravana this year, the multi-token cryptocurrency demon is next. The RBI has released a detailed concept note on how this is to be achieved. The pilot launch of e-rupee may happen sometime before March 31, 2022, as was declared in this year’s budget speech. The FinTech department of RBI…