India's central bank will begin a pilot wholesale digital rupee with nine banks on Tuesday.
The pilot will focus on the settlement of secondary market transactions in the trading of government securities.The Reserve Bank of India, the country's central bank, will on Tuesday begin a pilot wholesale digital currency with the goal of reducing transaction costs and the need for collateral when trading government securities.
Using the digital rupee will pre-empt the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk, the Indian central bankNine banks including HSBC, ICICI Bank, State Bank of India and Union Bank of India were participating in the pilot, which will be a model for further pilots to test other wholesale transactions and cross-border payments using the digital currency, the RBI said.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Benjamin Robertson is senior newsletter writer at The Block, based in Oxford. He covers global crypto policy and regulation news.
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