NEW DELHI: The RBI is likely to launch the pilot of central bank digital currency (CBDC) for transactions for interbank borrowing or call money market by October, the regulator’s executive director Ajay Kumar Choudhary said on Sunday on the sidelines of the G20 Leaders’ Summit here.
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The pilot of the wholesale CBDC, known as the digital rupee-wholesale (e-W), was launched in November 2022, with the use case being limited to the settlement of secondary market transactions in government securities.
The RBI picked nine banks for its pilot project for wholesale CBDC and has already rolled out a pilot in the retail version of the CBDC (e-R) on December 1, 2022. The e-R is in the form of a digital token that represents legal tender.
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It is being issued in the same denominations as the paper currency and coins, and is being distributed through financial intermediaries like banks. Users can transact with e-R through a digital wallet offered by the participating banks.
The central bank showcased various digital initiatives in the financial sector at the exhibition pavilion during the G20 Summit.
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These include Public Tech Platform (PTP) for Frictionless Credit, CBDC, UPI One World, RuPay On-The-Go and Bharat Bill Payment System.
