In the year of 2022, the Reserve Bank Of India, had started an electronic means of a sovereign currency.
The Executive Director of RBI, Ajay Kumar Choudhary said on Sunday about the plans of the Central Bank in launching of the CBDC which stands for Central Bank Digital Currency related to the transactions in the call money or interbank borrowing market by the month of October.
The pilot of the wholesale of the Digital Rupee-Wholesale or CBDC got launched back in the month of November, in 2022. At that point of time, the case use was actually limited to the settlement of secondary transactions of the market regarding securities of the government. CBDC’s pilot retail got started on 1st December, 2022.
An insider who is familiar with the development of this has said that the sole purpose of extending this CBDC wholesale is to call the money market. It is as he said, for trying out of the different markets and utilizing novel technology.
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