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RBI pilots digital rupee
The Reserve Bank of India announced on Monday that it will pilot a digital rupee in the wholesale market from November 1. The central bank claims that using the digital rupee for settlement will reduce transaction costs. Nine Indian banks are participating in the pilot, including State Bank of India. The RBI also said it plans to pilot a digital rupee in the retail sector in selected locations within a month. It remains firmly opposed to cryptocurrencies.
