India's central bank is going to start the pilot of the retail digital rupee on December 1 with the cooperation of four banks including State Bank of India, ICICI Bank, Yes Bank, and IDFC First Bank. The <a href="https://www.cryptoknowmics.com/news/indian-crypto-companies-criticize-the-concept-note-on-cbdc-by-rbi">Reserve Bank of India</a> on Tuesday said that in the first phase, it will <a href="https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=54773">conduct</a> the CBDC Test of the digital rupee in four major cities of India; Mumbai, New Delhi, Bengaluru, and Bhubaneswar.
<h2>CBDC Test to Include Nine More Cities</h2>
The pilot will eventually include nine other cities and four additional institutions, according to the central bank. The trial will be undertaken with a selected sample of customers and retailers. The same denominations of notes and coins that are now in circulation will also be utilized for the CBDC. The virtual rupee will not accrue interest and will be used to make payments to retailers using QR codes.
<h2>Launch of Digital Rupee</h2>
In October, it was decided to begin the pilot on December 1. During the budget statement in February, Finance Minister of India Nirmala Sitharaman mentioned intentions to launch a digital rupee in the fiscal year that ends in 2023. According to the RBI, outlawing <a href="https://www.cryptoknowmics.com/news/ethereum-gambling-vs-other-cryptocurrencies">cryptocurrencies</a> is the best course of action for India.

India to Launch Pilot of Retail CBDC in Four Cities on Dec. 1

The CBDC test will be undertaken with a select sample of customers and retailers. The same denominations of notes and coins will be used for the pilot.

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India to Launch Pilot of Retail CBDC in Four Cities on Dec. 1

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