The Reserve Bank of India will launch the first pilot for retail digital Rupee on December 1
A central bank digital currency is the digital form of govt issued currency
This digital rupee would be in the form of a digital token that represents legal tender
It would be issued in the same denominations that paper currency and coins are currently issued and would be distributed through banks
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Users will be able to transact with retail digital rupee through a digital wallet offered by banks and stored on mobile phones
The first pilot will be launched in Mumbai, New Delhi, Bengaluru and Bhubaneswarand later expand it to nine more cities in the initial phase