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The Reserve Bank of India (RBI) on Tuesday announced a pilot for retail central bank digital currency (CBDC) on 1 December. The digital rupee would be in the form of a digital token that represents legal tender, the RBI said. "The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants" the RBI said in a statement. It would be issued in the same denominations that paper currency and coins are currently issued. It would be distributed through intermediaries, i.e., banks.
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