RBI to test CBDC by crediting a portion of allowances to its officers’ digital wallets

The Reserve Bank of India will initiate a test by crediting reimbursement allowances to the digital currency wallets of its officers. This move aims to popularize the central bank digital currency, which could potentially ease and make cross-border fund transfers more cost-effective. The CBDC does not yield interest, posing a challenge for wider adoption.

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