India will trial the retail version of the digital rupee (e-rupee) on December 1

ChainCatcher news, according to Techcrunch, the Reserve Bank of India announced that it will conduct its first retail digital currency pilot on December 1, and expand the testing scope a month later to assess the functionality and application of digital currency in the South Asian market. Four local banks (State Bank of India, ICICI Bank, Yes Bank, and IDFC) will participate in the initial phase of the pilot in four cities (Mumbai, New Delhi, Bangalore, and Bhubaneswar).

It is reported that the Reserve Bank of India stated that the e-rupee will provide "the characteristics of physical cash, such as trust, security, and finality of settlement," and added that it will not earn any interest and can be converted into other forms of currency, including bank deposits. Banks will distribute the e-rupee through digital wallets on mobile phones. Person-to-person transactions and payments to merchants are both possible. (Techcrunch)