The Reserve Bank of India is set to launch the pilot of its central bank digital currency (CBDC), which it categorises as legal tender in a digital form.
Commonly known as the digital rupee, it will be exchangeable at par with existing currencies and will be considered acceptable for payments and a safe store of value.
What are some of the advantages of the digital Rupee?
Faster payments 🕒
Cheaper global transfers 🇮🇳 ➡ 🇬🇧
24/7 availability (not affected by weekend banking closures) 📅
India isn’t alone, other world governments and central banks are also exploring the possibilities of their own digital currencies. The Bahamas, Nigeria, Antigua and Saint Lucia have already launched their own.
The virtual currency race is hotting up!