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The E-Rupee: India Plans Its Own Digital Currency – Nikkei

The Reserve Bank of India said in a paper this month that the ‘e-rupee’ will have “limited pilot launches” next fiscal year, Nikkei said.


The Indian rupee sank to a new record low late on Monday.
An image of an Indian rupee note. File photo: Reuters.

 

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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Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India's economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.

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