The Reserve Bank of India (RBI) on Wednesday introduced a retail sandbox for its central bank digital currency (CBDC), enabling fintech firms to develop and test innovative solutions as part of the ongoing pilot program, said Suvendu Pati, Chief General Manager at RBI.
India’s first retail e-rupee pilot, the RBI’s version of a CBDC, started on December 1, 2022, and currently has around 7 million users.
Earlier, Pati explained that the pilot leverages the wholesale segment of the CBDC as the foundational layer for this initiative. The RBI is collaborating with select banks on the project.
Digital tokenisation is known to enhance transaction speed, reduce costs, and improve security. In finance, tokenisation refers to representing real-world financial assets as digital “tokens” on secure ledgers, typically blockchain or distributed ledger technology. For example, deposit tokenisation means bank deposits are converted into tokens that can be transferred or settled more seamlessly across systems.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter |The Mainstream formerly known as CIO News Whatsapp Channel | The Mainstream formerly known as CIO News Instagram
About us:
The Mainstream formerly known as CIO News is a premier platform dedicated to delivering latest news, updates, and insights from the tech industry. With its strong foundation of intellectual property and thought leadership, the platform is well-positioned to stay ahead of the curve and lead conversations about how technology shapes our world. From its early days as CIO News to its rebranding as The Mainstream on November 28, 2024, it has been expanding its global reach, targeting key markets in the Middle East & Africa, ASEAN, the USA, and the UK. The Mainstream is a vision to put technology at the center of every conversation, inspiring professionals and organizations to embrace the future of tech.
