India has initiated a pilot program for its Central Bank Digital Currency (CBDC), the Digital Rupee, aimed at retail users.
The Reserve Bank of India (RBI) is testing the Digital Rupee in select cities with participation from major banks and payment service providers.
The pilot allows users to create digital wallets, make payments, and transfer funds using the Digital Rupee, which is fully backed by the central bank.
This move is part of India’s broader strategy to modernize its financial system, enhance financial inclusion, and reduce reliance on cash. The RBI is gathering feedback from participants to refine the system before a nationwide rollout. The success of this pilot could position India as a leader in the adoption of CBDCs in the developing world.
