The Reserve Bank of India (RBI) has launched a pilot program for its Central Bank Digital Currency (CBDC), known as the Digital Rupee.
The program aims to test the use of a blockchain-based digital currency for retail and wholesale transactions across several cities.
The RBI has partnered with leading banks to facilitate digital payments and cross-border remittances using the Digital Rupee.
This initiative reflects India’s broader efforts to modernize its payment infrastructure and reduce dependence on cash, while also addressing challenges related to financial inclusion. Analysts believe the Digital Rupee could eventually play a crucial role in India’s growing fintech sector and its transition towards a digital economy.
