Thu Oct 13, 2022 – 1:36 pm EDT
(Reclaim The Net) — The Reserve Bank of India (RBI) said it will launch a phased pilot of its proposed central bank digital currency (CBDC) called the e-rupee.
In the “concept note” explaining the e-rupee, the RBI said it was trialing a digital currency to keep pace with other countries that have launched such programs, like China.
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“Currently, we are at the forefront of a watershed movement in the evolution of currency that will decisively change the very nature of money and its functions,” the paper states. “CBDCs are being seen as a promising invention and as the next step in the evolutionary progression of sovereign currency.”
Proponents of CBDCs claim they could make transactions faster and more secure. The e-rupee will be the alternative paper money and serve as an alternative to cryptocurrencies, according to the RBI, which views cryptocurrencies as a risk to the financial stability of India.
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“CBDCs will provide the public with [the]
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