India plans to test a national digital currency (CBDC) in four cities across the country. Testing participants will be several companies and large commercial banks.
In the implementation of the CBDC project, the Indian authorities agreed to cooperate with the United Arab Emirates.
The press services of the central banks of both countries in the middle of this week published a joint statement stating that regulators will exchange experience and knowledge in the field of digitalization of the payment infrastructure and the development of tokens pegged to national currencies.
With the help of CBDC projects, India and the UAE expect to create a convenient system of cross-border payments.
The Indian authorities hope that the successful trials of the token will allow them to introduce a digital version of the rupee by the end of 2023 to a wide range of users.
