{"id":64219,"date":"2022-11-25T06:32:27","date_gmt":"2022-11-25T11:32:27","guid":{"rendered":"https:\/\/olduvai.ca\/?p=64219"},"modified":"2022-11-25T06:32:27","modified_gmt":"2022-11-25T11:32:27","slug":"war-on-cash-india-rolling-out-retail-pilot-program-for-digital-rupee","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=64219","title":{"rendered":"War on Cash: India Rolling Out Retail Pilot Program for Digital Rupee"},"content":{"rendered":"

War on Cash: India Rolling Out Retail Pilot Program for Digital Rupee<\/a><\/h3>\n
\"\"<\/a><\/div>\n
NOVEMBER 23, 2022<\/span>\u00a0\u00a0BY\u00a0SCHIFFGOLD<\/a>\u00a0\u00a0\u00a0<\/span>0\u00a0\u00a0\u00a0<\/span>1<\/div>\n

We recently reported that the Federal Reserve plans to launch a 12-week pilot program in partnership with several large commercial banks to test the feasibility of a central bank digital currency (CBDC). The US isn\u2019t alone in experimenting with digital currency. India is working on developing a digital rupee and recently announced the second phase of testing.<\/p>\n

After successfully running a pilot program to test its digital currency at the wholesale level, the Reserve Bank of India (RBI) has announced it will test the digital rupee in a retail setting.<\/span><\/p>\n

According to the RBI<\/a>, the central bank digital currency \u201cis a legal tender issued by a central bank in a digital form. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Only its form is different.\u201d<\/p>\n

Digital currencies are similar to bitcoin and other cryptocurrencies. They exist as virtual banknotes or coins held in a digital wallet on your computer or smartphone. The difference between a government digital currency and bitcoin is the value of the digital currency is backed and controlled by the state, just like traditional fiat currency.<\/p>\n

As the RBI put it, \u201cUnlike cryptocurrencies, a CBDC isn\u2019t a commodity or claims on commodities or digital assets. Cryptocurrencies have no issuer. They are not money (certainly not currency) as the word has come to be understood historically.\u201d<\/p>\n

According to\u00a0a report in the\u00a0Economic Times of India<\/em><\/a>, the National Payments Corporation of India will host the platform for the digital rupee payment system during the testing phase. The Reserve Bank of India wants each commercial bank in the pilot to test retail use of the digital rupee with 10,000 to 50,000 users.<\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"

War on Cash: India Rolling Out Retail Pilot Program for Digital Rupee NOVEMBER 23, 2022\u00a0\u00a0BY\u00a0SCHIFFGOLD\u00a0\u00a0\u00a00\u00a0\u00a0\u00a01 We recently reported that the Federal Reserve plans to launch a 12-week pilot program in partnership with several large commercial banks to test the feasibility of a central bank digital currency (CBDC). The US isn\u2019t alone in experimenting with digital […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[1035,124,4955,422,12394,3914,8885,18779,4927],"class_list":["post-64219","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-cash","tag-central-banks","tag-digital-currency","tag-india","tag-physical-currency","tag-rbi","tag-reserve-bank-of-india","tag-schiffgold","tag-war-on-cash"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=64219"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64219\/revisions"}],"predecessor-version":[{"id":64220,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/64219\/revisions\/64220"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=64219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=64219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=64219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}