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RBI to Introduce Pilot for Deposit Tokenisation Using CBDC Layer: Report
The Reserve Bank of India is set to begin a pilot for deposit tokenisation, leveraging the wholesale CBDC as its base. The initiative will test blockchain-based deposits for improved speed, security, and transparency in regulated financial markets. Officials also plan to explore tokenising money market instruments, including commercial papers, as p...
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RBI-Backed Digital Currency to Be Launched in India, Union Minister Piyush Goyal Says
The country will launch an RBI-backed digital currency to discourage unbacked cryptocurrencies. Union Minister Piyush Goyal said heavy taxation will deter risky tokens, while the new digital rupee enables faster, traceable payments. Experts see the move as a shift from a "tax-and-tolerate" approach to stricter oversight, favouring compliance-aligne...
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RBI Data Shows CBDC Wholesale Circulation Dropped, Retail Usage Sees Massive Jump: Report
RBI's CBDC saw eRupee usage worth Rs. 234 crore until March, according to a report. Around the same month last year, the eRupee worth Rs. 6 crore was used. In the wholesale sector, CBDC worth Rs. 8 lakhs have been used as of March 2024, which is lower than last year’s expenditure of Rs. 10.6 crore.
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Brazil’s CBDC Pilot Reportedly Delayed to 2025 Due to Lack of Privacy Safeguards: Details
Brazil has reportedly postponed the pilot of its Drex CDBC to 2025 as the central bank feels, blockchain privacy solutions are insufficient. The regulator is looking to prevent financial inconvenience to Brazilian nationals. The CBDC is expected to finetune the country’s financial compliance, banking, and tax secrecy regulations.
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E-Rupee Worth Over Rs. 130 Crore in Circulation, Says FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said on Monday that Digital or e-rupee worth over Rs 130 crore was in circulation on a pilot basis as of February 28. "As on February 28, 2023, the total digital rupee - Retail (e₹-R) and digital rupee - wholesale (e₹-W) in circulation is Rs 4.14 crore and Rs 126.27 crore, respectively," Sitharaman said in a ...
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Spain Joins List of Nations Experimenting with CBDCs, Plans ‘Wholesale’ Twist
The Bank of Spain (BDE) has expressed its intentions of launching a test programme soon, that would examine the use cases of wholesale CBDC. This form of a CBDC is majorly used by financial institutions, rather than by the public for day-to-day use cases. Spain is the only nation that is testing a wholesale CBDC.
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RBI to Begin Pilot of Digital Rupee on November 1 With Participation From 9 Banks
The Reserve Bank of India (RBI) will launch the pilot for a central-bank-backed digital rupee for the wholesale segment on November 1, identifying nine banks to participate in the project. The pilot with include SBI, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC, the RBI said.
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RBI Working to Implement Digital Currency in Phased Manner for Wholesale, Retail Segments, Says Official
The Reserve Bank of India (RBI) is in the process of implementing the Central Bank Digital Currency (CBDC) in a phased manner for the wholesale and retail segments, an official said. CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency.
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90 Percent of the World's Central Banks Are Exploring Launching a CBDC, Reveals BIS Survey
According to the data from a survey by the Bank for International Settlements (BIS) nine out of ten central banks around the world are exploring central bank digital currencies (CBDCs). The survey also found that more central banks are developing or testing retail CBDCs or digital currencies designed for consumer use than wholesale CBDCs designed f...
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Digital Pound Could Hit Financial Stability and Erode Privacy, UK Lawmakers Warn
A digital pound used by consumers could harm financial stability, raise the cost of credit, and erode privacy, though a version for wholesale use in the financial sector demands greater appraisal, British lawmakers said.
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RBI to Introduce Pilot for Deposit Tokenisation Using CBDC Layer: Report
The Reserve Bank of India is set to begin a pilot for deposit tokenisation, leveraging the wholesale CBDC as its base. The initiative will test blockchain-based deposits for improved speed, security, and transparency in regulated financial markets. Officials also plan to explore tokenising money market instruments, including commercial papers, as p...
-
RBI-Backed Digital Currency to Be Launched in India, Union Minister Piyush Goyal Says
The country will launch an RBI-backed digital currency to discourage unbacked cryptocurrencies. Union Minister Piyush Goyal said heavy taxation will deter risky tokens, while the new digital rupee enables faster, traceable payments. Experts see the move as a shift from a "tax-and-tolerate" approach to stricter oversight, favouring compliance-aligne...
-
RBI Data Shows CBDC Wholesale Circulation Dropped, Retail Usage Sees Massive Jump: Report
RBI's CBDC saw eRupee usage worth Rs. 234 crore until March, according to a report. Around the same month last year, the eRupee worth Rs. 6 crore was used. In the wholesale sector, CBDC worth Rs. 8 lakhs have been used as of March 2024, which is lower than last year’s expenditure of Rs. 10.6 crore.
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Brazil’s CBDC Pilot Reportedly Delayed to 2025 Due to Lack of Privacy Safeguards: Details
Brazil has reportedly postponed the pilot of its Drex CDBC to 2025 as the central bank feels, blockchain privacy solutions are insufficient. The regulator is looking to prevent financial inconvenience to Brazilian nationals. The CBDC is expected to finetune the country’s financial compliance, banking, and tax secrecy regulations.
-
E-Rupee Worth Over Rs. 130 Crore in Circulation, Says FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said on Monday that Digital or e-rupee worth over Rs 130 crore was in circulation on a pilot basis as of February 28. "As on February 28, 2023, the total digital rupee - Retail (e₹-R) and digital rupee - wholesale (e₹-W) in circulation is Rs 4.14 crore and Rs 126.27 crore, respectively," Sitharaman said in a ...
-
Spain Joins List of Nations Experimenting with CBDCs, Plans ‘Wholesale’ Twist
The Bank of Spain (BDE) has expressed its intentions of launching a test programme soon, that would examine the use cases of wholesale CBDC. This form of a CBDC is majorly used by financial institutions, rather than by the public for day-to-day use cases. Spain is the only nation that is testing a wholesale CBDC.
-
RBI to Begin Pilot of Digital Rupee on November 1 With Participation From 9 Banks
The Reserve Bank of India (RBI) will launch the pilot for a central-bank-backed digital rupee for the wholesale segment on November 1, identifying nine banks to participate in the project. The pilot with include SBI, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC, the RBI said.
-
RBI Working to Implement Digital Currency in Phased Manner for Wholesale, Retail Segments, Says Official
The Reserve Bank of India (RBI) is in the process of implementing the Central Bank Digital Currency (CBDC) in a phased manner for the wholesale and retail segments, an official said. CBDC is a digital or virtual currency but it is not comparable to the private virtual currencies or cryptocurrency.
-
90 Percent of the World's Central Banks Are Exploring Launching a CBDC, Reveals BIS Survey
According to the data from a survey by the Bank for International Settlements (BIS) nine out of ten central banks around the world are exploring central bank digital currencies (CBDCs). The survey also found that more central banks are developing or testing retail CBDCs or digital currencies designed for consumer use than wholesale CBDCs designed f...
-
Digital Pound Could Hit Financial Stability and Erode Privacy, UK Lawmakers Warn
A digital pound used by consumers could harm financial stability, raise the cost of credit, and erode privacy, though a version for wholesale use in the financial sector demands greater appraisal, British lawmakers said.
