The Reserve Bank of India (RBI) is launching a Crypto central bank coin (CBDC) pilot to understand its impact on transaction fees.
In a press release issued by the Reserve Bank of India (RBI) on October 31, it was reported that the bank will start testing the Crypto rupee used to settle transactions in the secondary market of government bonds. The test, in which a total of nine banks participated, is said to be aimed at investigating the impact of the Crypto rupee on transaction costs.
It was announced that the test, which will begin on November 1, aims to measure the impact of the Crypto rupee on reducing overall costs by reducing the cost of transaction settlement risks, collateral and other factors. Infrastructure to reduce liquidation risk and collateral requirements.
RBI reported that RBI, Bank of Baroda, Union Bank of India, HDFC, ICICI, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC will participate in the test.
The statement also said it plans to launch CBDC testing for customers and business users next month.
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