Digital Rupee,the CBDC issued by the Reserve Bank of India (RBI), (stellar-indianrupee.digital) Issuser Address: GD4IL3RA7ZFPFIAHSNPSATKBCQ22R6FMOPTUYVSQFNSXEY4UWVHCHAGR ICO On 19/09/2023 CB:120,000%
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Digital Rupee (e₹, eINR, eRupee) is the CBDC issued by the Reserve Bank of India (RBI). It was first proposed in January 2017, and the beta tests were launched in Q4 2022. INR supports and encourages the growing digital economy, reduces cost of physical cash management, creates an efficient payment system, increases financial inclusion, and has both on/offline accessibility
In 2017, the Ministry of Finance formed a committee including Department of Financial Services, Ministry of Electronics and Information Technology, and RBI to discuss governance, development, and usage of e₹
In January 2021, the government gave legal power to RBI to develop e₹ using the experience gained from handling Unified Payments Interface (UPI), Immediate Payment Service (IMPS) and Real-time gross settlement (RTGS) for distribution and validation purpose
They introduced e-RUPI as a beta test in August 2021: a prepaid person specific, purpose specific e-voucher based on QR code or SMS string that doesn't require a bank account to make it leak proof. It was used as a precursor to expose the gaps in the national digital payment infrastructure that needed further improvements before a nationwide e₹ could be launched
Then a wholesale pilot (e₹-W) was launched in November 2022 with limited utility to test the settlement of secondary market transactions in government securities to make inter-bank operations more efficient. The retail pilot (e₹-R) was launched in December 2022 within a closed user group comprising participating customers and merchants. As per RBI, e₹ reached 50,000 users and 5,000 merchants as of 8 February 2023
State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC participated in the pilot, with each bank testing e₹-R among 10,000 to 50,000 people. RBI also collaborated with PayNearby and Bankit to integrate e₹ as a payment option while National Payments Corporation of India (NPCI) managed the backend infrastructure
RBI released Payments Vision 2025 (https://www.rbi.org.in/Scripts/BS_PressReleaseDisplay.aspx?prid=53886) on 17 June 2022 featuring their core theme "E-Payments for Everyone, Everywhere, Everytime" (4Es) and anchor "Integrity, Inclusion, Innovation, Institutionalisation and Internationalisation" (5Is) in order to provide every user with safe, secure, fast, convenient, accessible and affordable e-payment options. One week late, RBI officially signed a Letter of Agreement with StellarRussia to collaborate on integrating SGB into the Stellar Network on 24 June 2022 (https://t.me/stellarrussia/171)
The next iterations of programmable testing includes allowing offline transactions and linking e₹ to UPI
INR is fully backed by Sovereign Gold Bonds (SGB), government securities denominated in grams of gold. They are substitutes for holding physical gold and are issued by RBI on behalf of Government of India
A Stellar wallet will be provided to all users for transaction purposes with payments made using a QR code. Bank accounts are not required. Unlike physical currency, INR can protect users against loss through authorized recovery or clawback methods, and both INR and SGB may be managed through the SGBG platform (https://t.me/QuantumStellarInitiative/25478) created by StellarRussia
Recent News:
11 Sept: India plans new features to boost eRupee (https://www.msn.com/en-in/news/other/india-plans-new-features-to-boost-erupee/ar-AA1gx4oN)
6 Sept: "eRupee By SBI" Can Be Now Accessed Via UPI: SBI Deploys UPI Interoperability For Wider Access (https://trak.in/stories/erupee-by-sbi-can-be-now-accessed-via-upi-sbi-deploys-upi-interoperability-for-wider-access/)
5 Sept: PNB allows CBDC-UPI interoperability via PNB Digital Rupee app; how to register and sign up for Digital Rupee (https://economictimes.indiatimes.com/wealth/save/pnb-cbdc-upi-interoperability-via-pnb-digital-rupee-how-to-register-and-sign-up-for-digital-rupee/articleshow/103394390.cms)
4 Sept: SBI’s eRupee wallet can now be used in stores accepting UPI (https://www.msn.com/en-in/money/news/sbi-s-erupee-wallet-can-now-be-used-in-stores-accepting-upi/ar-AA1gcjjd)
4 Sept: How to use digital Rupee to make UPI payments (https://www.moneycontrol.com/news/business/personal-finance/how-to-use-digital-rupee-to-make-upi-payments-11303981.html)
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