The first pilot of the Reserve Bank of India-issued digital Rupee began on December 1
The e-Rupee is available in the form of a digital token which represents legal tender
The testing is taking place in New Delhi, Mumbai, Bengaluru and Bhubaneswar
The testing would later be extended to Ahmedabad, Shimla, Patna, Lucknow, Kohl, Indore, Hyderabad, Guwahati and Gangtok
Digital currency would begin with the State Bank of India, ICICI, Yes Ban and IDFC First Bank. In the following weeks, more banks and cities will be included.
Digital Rupee can be used for Person to Person and Person to Merchant transactions
You can make payments to merchants using QR codes displayed at the merchant location
The value of the e-Rupee will remain the same and is not as volatile as cryptocurrency