India has joined the likes of China, Russia, and South Korea in piloting its own official digital currency, known as the ‘e-rupee’, Nikkei Asia reported.
The Reserve Bank of India has been sceptical about legalising cryptocurrencies but it said in January last year that it would investigate use of a digital currency.
Then in February this year the central bank said that a digital currency may save operational costs — in terms of printing, distributing and storing currency notes.
And in a paper this month, the RBI said the ‘e-rupee’ will have “limited pilot launches” next fiscal year, according to the report, but the bank has yet to give a timeframe for the digital rupee’s release.
Read the full report: Nikkei Asia.
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