RBI begins testing retail central bank digital currency.

Share

Mumbay : The retail digital rupee was introduced by the RBI as a test project. Eight banks have been chosen by the central bank to take part in this trial in stages. A digital token that stands in for legal cash will be used to represent the retail digital rupee.

Through a digital wallet on mobile phones and other devices, retail digital rupee transactions can be completed. Digital currency transactions can only be made through the digital wallets provided by banks taking part in the RBI’s digital rupee scheme.

Banks will distribute the retail digital currency. Digital currency can be used for both person-to-person and person-to-merchant transactions. The Quick Response codes that are shown at merchant sites, or QR codes, can be used to make payments to businesses.