RBI to test retail digital rupee on December 1

The Reserve Bank of India (RBI) announced that the retail digital rupee will be launched on a trial basis on December 1, 2022. The central bank has identified eight banks to participate in this trial in stages.

The retail digital rupee will take the form of a legal tender digital token. The RBI will print digital currency in the same denominations as paper money and coins. Retail digital rupee transactions can be completed on mobile phones and other devices using a digital wallet. Only digital wallets provided by banks participating in the RBI’s digital rupee programme can conduct digital currency transactions.