Breaking News
Investing Pro 0
Cyber Monday Extended SALE: Up to 60% OFF InvestingPro+ CLAIM OFFER

India To Roll Out Retail Pilot Program for Digital Rupee

Cryptocurrency Nov 24, 2022 02:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
India To Roll Out Retail Pilot Program for Digital Rupee
 
FRBA
-0.31%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BTC/USD
+1.90%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

  • Peter Schiff took to Twitter to report that the RBI will roll out a retail pilot program for the digital rupee.
  • The Federal Reserve authorities launched a 12-week pilot program to test the feasibility of the CBDC.
  • The National Payments Corporation will host the digital rupee payment system during the testing phase.

Chief economist and founder of SchiffGold, Peter Schiff, took to Twitter to say that the Reserve Bank of India (RBI) will roll out a retail pilot program for the digital rupee.

Recently, the Federal Reserve authorities launched a 12-week pilot program in partnership with other commercial banks to test the feasibility of the Central Bank Digital Currency (CBDC). After the recent testing of the digital currency at the wholesale level, the RBI has decided to test the digital rupee in a retail setting.

Schiff, who has been a Bitcoin skeptic for the longest time, believes that the supply of crypto is soaring as demand for the same is collapsing. Over the past year, the supply of crypto grew by around 50% to almost 22,000.

Meanwhile, during that same period, the combined market capitalization fell by about 73%. Schiff who runs a precious metal dealership believes that as crypto remains a very volatile investment being decentralized, one must instead invest in gold for a safe investment.

Additionally, the National Payments Corporation of India will serve as the hosting platform for the digital rupee payment system during the testing phase. Commercial banks including, the State Bank of India, Bank of Baroda, Union Bank of India, ICICI Bank, HDFC Bank, Kotak Mahindra Bank, Yes Bank, and IDFC First Bank (NASDAQ:FRBA) will be seen participating in the pilot program.

Furthermore, the RBI wants each commercial bank in the pilot to test the retail use of the digital rupee with over 10,000 to 50,000 users.

According to the RBI:

Unlike cryptocurrencies, a CBDC isn’t a commodity or claims on commodities or digital assets. Cryptocurrencies have no issuer. They are not money (certainly not currency) as the word has come to be understood historically.

A person involved in the program said that the e-rupee will be stored in a wallet, and the denominations will be available as per the customer’s request. The program will provide access to safe money for payment and settlement as it is a direct liability of the central bank.

The government authorities believe that the wholesale CBDC has the potential to transform settlement systems for financial transactions and make them more efficient and secure.

The post India To Roll Out Retail Pilot Program for Digital Rupee appeared first on Coin Edition.

See original on CoinEdition

India To Roll Out Retail Pilot Program for Digital Rupee
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email