The Reserve Bank of India (RBI) began the pilot programme of Digital Rupee on November 1

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Economic Times, India: The Reserve Bank of India (RBI) will commence (commenced) the pilot programme of Digital Rupee in the wholesale segment on November 1, 2022, the central bank said. The regulator has identified nine banks including 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 for the participation in the pilot.

“The use case for this pilot is settlement of secondary market transactions in government securities,” RBI mentioned in a notification issued on October 31, 2022.

“He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads …

“Use of e₹-W is expected to make the inter-bank market more efficient. Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate settlement risk,” the central bank said.

“The first pilot in Digital Rupee – Retail segment (e₹-R) is planned for launch within a month in select locations in closed user groups comprising customers and merchants,” RBI added.

What is Digital Rupee?

The Central Bank Digital Currency (CBDC) can be defined as the legal tender issued by the Reserve Bank of India, according to the concept note published by the RBI on October 7, 2022. Touted as Digital Rupee The RBI has proposed to issue two versions or e-Rupee, RBI’s CBDC is the same as a sovereign currency and is exchangeable one-to-one at par with the fiat currency, the regulator mentioned. “Going forward, other wholesale transactions, and cross-border payments will be the focus of future pilots, based on the learnings from this pilot,” the regulator said.

The RBI has proposed to issue two versions of Digital Rupee — general purpose or retail (CBDC-R) and wholesale (CBDC-W). Retail CBDC can be used by all including the private sector, non-financial consumers, and businesses. Wholesale CBDC is designed for restricted access to select financial institutions. While retail CBDC is an electronic version of cash primarily meant for retail transactions, the wholesale CBDC is designed for the settlement of interbank transfers and related wholesale transac ..

“Going forward, other wholesale transactions, and cross-border payments will be the focus of future pilots, based on the learnings from this pilot,” the regulator said.

Explaining the difference between CBDC and money in digital form, RBI said earlier, “A CBDC would differ from existing digital money available to the public because a CBDC would be a liability of the Reserve Bank, and not of a commercial bank.” Read More …

Opinion: As you can tell, the Rupee pilot program began November 1 and that tells me it is going to be near impossible for us to keep up with the step by step movement of 90+ nations who are progressing to a ‘cashless society’ at a faster and faster clip.

India has the world’s 2nd largest population 1.393 billion people just behind China at 1.412 billion.

What I want you to see today is that the BRICS nations: Brazil, Russia, India, China and So. Africa who are openly challenging the US dollar’s world reserve currency status, are moving the fastest.

Also keep in mind that in recent weeks we have learned that Saudi Arabia and Iran have openly expressed interest in joining the BRICS. If either or both are included in the BRICS they will dominate the world’s oil production, a position held by the US until the progressive left led by Joe Biden decided that wind and solar will be our ONLY form of energy.

Here is how the BRICS nations are progressing vs the US:

  • Brazil – Pilot
  • Russia – Launched
  • India – To be launched in 1 month
  • China – Launched
  • South Africa – Pilot

Possible new BRICS nations

  • Iran – Pilot
  • Saudi Arabia – Launched

That the United States is still in development likely due to a focus on a war on fossil fuels and Transgender (woke) issues, is a substantial threat to the nations status as the world’s lone World Reserve Currency.

The cashless society of Revelation 13:16-17 is in view.

… and that no one may buy or sell except one who has [a]the mark or the name of the beast, or the number of his name.

See our post “Visualize The State of Central Bank Digital currencies” HERE

See our post “China And Russia Want To Replace US Dollar With BRICS Currencies HERE