IN PICS | India Set To Launch Digital Rupee. Here Are Other Countries With Their Own CBDC

The Reserve Bank of India (RBI) is rolling out the digital rupee for wholesale — e₹-W pilot — today. India will join several other countries, including China and Pakistan in bringing out a CBDC.

Digital Rupee India RBI Launch Roll Out Commence wholesale other countries nations CBDC Gallery Photos

The Reserve Bank of India (RBI) is all set to launch the pilot of the Digital Rupee on Tuesday, November 1. As per RBI, the e₹-W (wholesale) use case for this pilot is the settlement of secondary market transactions in government securities. RBI further said the first pilot in Digital Rupee - Retail segment (e₹-R) is planned for launch within a month in select locations in closed user groups comprising customers and merchants.[Image Credit: Getty]

The Bahamas was the first country to launch CBDC which covered the entire nation. After a successful 2019 pilot on the island conglomeration of Exuma in October, 2020 the Central Bank of the Bahamas issued the Sand Dollar. The main goals of the Sand Dollar was to modernise and streamline the island country's financial system, reduce service delivery costs, increase transactional efficiency and improve financial inclusion, according to CBDC Tracker.[Image Credit: Getty]