Dear viewers RBI Retail CBDC is going to be launch as wholesale CBDC pilot testing is in it’s final phase. Wholesale CBDC is being tested by the 9 banks including IDFC, Bank of Baroda, ICICI, HDFC, SBI, PNB, Union Bank of India, Kotak Mahindra Bank, and Yes Bank.
After wholesale CBDC the retail CBDC is going to be launch in the next few days or weeks. Let’s see how someone can buy, test, use retail CBDC and how this retail CBDC will work.
Retail CBDC Launch Date
Retail CBDC launch date is scheduled to be launch after wholesale CBDC successful trial. Wholesale CBDC testing is in it’s final phase. In next few weeks Pilot testing will be closed.
Then retail CBDC will be launched. CBDC launch Date announced is scheduled.
How Retail CBDC Will Work
Retail CBDC will work like UPI payment system. Merchants and customers can transfer retail CBDC to each other for buying products and services. A wallet will be available on play store to download and buy sell goods and services.
The way UPI payment system is linked to your bank account, in case of CBDC your wallet will be completely separate from your account. You can use your bank account only to transfer funds otherwise anyone can avail all banking facility by installing an application in their mobile. It will be like banking without bank.
How to Buy Retail CBDC
To buy retail CBDC fintech app or wallet like PayTm will have to install in the mobile application. They will convert the available funds in your account into CBDC and transfer them to your wallet.
That is, initially your wallet will be recharged by the bank itself, after that you can use your money at grocery stores and other places.
Who can Buy Retail CBDC
RBI has selected 9 banks during preliminary testing, these banks can conduct retail CBDC test to their 10000 to 50000 customers. Although no bank account is required to use CBDC, but initially retail CBDC will be given to you by the bank itself. Later you can get any of your companions to use CBDC by installing the application in their mobile.
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