India to roll out retail CBDC on Dec. 1
-The central bank said 13 cities will take part in the retail digital rupee pilot, starting with Mumbai, New Delhi, Bengaluru and Bhubaneswar in the first batch.
-The pilot will be carried out through a select group of customers and merchants in the 13 cities.
-Consumers will be able to pay with the digital rupee by scanning QR codes on their digital wallets on mobile devices, the RBI said.
-As for banks, eight banks will participate in the retail pilot, with the State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank in the first batch.
-Digital rupees are cash in electronic form that doesn't earn any interest but can be converted into other forms of currency, such as bank deposits, the RBI said.
-On Nov. 1, the RBI launched its wholesale CBDC pilot to test the settlement of secondary market transactions in government securities.
EDITOR'S NOTE: IS THIS THE END OF THE EMERGING INDIAN MIDDLE CLASS AND WHAT FEW FREEDOMS THEY HAVE?