RBI issues concept note on CBDC, plans to launch digital rupee pilot soon

The Reserve Bank of India (RBI) announced on Friday that the pilot launch of digital rupees for specific use cases will begin soon, and that the concept note for the Central Bank Digital Currency has been released (CBDC).

CBDCs are sovereign currencies issued by central banks to support their monetary policy. The RBI said in a statement that as the extent and scope of the digital rupee pilot launch expands, it will continue to communicate about the specific features and benefits of the digital rupee on a regular basis. The RBI stated in the concept note that it hopes to raise awareness about digital currencies in general and the planned features of the digital rupee in particular.