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RBI to test retail digital rupee on December 1

On December 1, 2022, a trial version of the retail digital rupee would be introduced, according to a statement from the Reserve Bank of India (RBI). Eight banks have been chosen by the central bank to take part in this trial gradually. A digital token that is accepted as legal tender would represent the retail digital rupee. The identical denominations of coins and paper money will be printed by the RBI for use as a digital currency. On mobile phones and other devices, retail digital rupee transactions can be carried out utilising a digital wallet. Digital currency transactions can only be carried out using digital wallets offered by banks taking part in the RBI’s digital rupee programme.

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