India launched its long-awaited CBDC pilot in early November – wholesale – and early December – retail – with much fanfare. Nine banks are participating in the wholesale pilot and four in the retail pilot, which is focusing on the cities of Mumbai, New Delhi, Bengaluru and Bhubaneswar.
Banks are distributing the digital rupee through digital wallets on mobile phones. Both person-to-person transactions and consumer to merchant payments are possible, the latter requiring the scanning of a QR code.
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