India’s Central Bank Proposes Launch of E-Rupee

According to a document released by the Reserve Bank of India (RBI), the agency has proposed a pilot launch of its central bank digital currency (CBDC), the e-rupee. Thus, India seems to be on the path toward joining 17 other countries currently piloting their CBDCs.

The goal of the e-rupee launch is to create a more efficient and secure financial system. RBI sees CBDC as an alternative to cryptocurrency, that eliminates the risks associated with the use of crypto, which is still largely unregulated.

Currently, there are plans for two versions of the e-rupee. The first one would be used for making retail purchases, while the second version would cover transactions between banks and wholesale payments. India’s CBDC program will consist of several pilot phases, with each one testing the e-rupee’s feasibility.