Digital Rupee Pilot Programme Launched by RBI; Receives 40K Digital Engagement: CheckBrand

02
Nov

Digital Rupee Pilot Programme Launched by RBI; Receives 40K Digital Engagement: CheckBrand

The Reserve Bank of India has launched the nation's first digital rupee pilot project. To issue virtual currency for transactions involving government assets, the digital rupee will be used. Since digital currency won't be traded like actual money, it can be difficult to grasp the concept of it.

CheckBrand assessed the impact of this launch on the audiences and their reviews about the same. As per CheckBrand’s reports, Digital Rupee has received a whopping online engagement of 40K on all social media platforms. Apart from this, the launch has also gained 4.3% positive sentiments and a search engine score of 4655.

*Source Google Trends

Understanding Digital Rupee

A central bank issues currency notes in digital form under the name "digital rupee," also known as "Central Bank Digital Currency" (CBDC). It is essentially identical to banknotes, but because it is digital, it is probably simpler, quicker, and less expensive. It also offers all the advantages for transactions that other digital payment systems do.

The currency will exist only digitally, exactly like other cryptocurrencies, but the Reserve Bank of India will control it, thus it won't be decentralised (RBI). The Indian government will embrace and fully legalise the digital rupee.

On Tuesday, (1st November) a number of banks, including ICICI Bank and Bank of Baroda, took part in the Reserve Bank's first Digital Rupee pilot programme for the exchange of government securities.

ICICI Bank reportedly used Central Bank Digital Currency to sell GS 2027 securities to IDFC First Bank (CBDC).

They claimed that 48 transactions totaling Rs 275 crore were made with the Digital Rupee.

Participating banks included State Bank of India, Bank of Baroda, and Kotak Mahindra Bank in the project known as Digital Rupee - Wholesale segment.

The Reserve Bank of India (RBI) also said on Monday that the first pilot in the Digital Rupee-Retail segment is scheduled to go live in less than a month in a few select areas with closed user groups made up of consumers and retailers.

November 2, 2022

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02
Nov