Question
Consider the following statements regarding Central
Bank Digital Currency (CBDC): 1)Â Â Â RBI has launched pilots of CBDC in the Retail segments only. 2)Â Â Â It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. 3)Â Â Â It is expected to make the inter-bank market more efficient. Which of the statements given above is/are correct?Solution
RBI has also recently launched pilots of CBDC in both the Wholesale and Retail segments. Hence, statement 1 is not correct. Digital Rupee –Wholesale- the pilot in the wholesale segment was launched on 1st November 2022, with the use case being limited to the settlement of secondary market transactions in government securities. Use of Digital Rupee- Wholesale is expected to make the inter-bank market more efficient. The pilot in the retail segment, known as Digital Rupee-Retail kicked off on 1st December 2022, within a closed user group comprising participating customers and merchants. It is the same as a fiat currency and is exchangeable one-to-one with the fiat currency. Hence, statement 2 is correct.
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