The first pilot in the Digital Rupee-Retail segment (e-R) is planned for launch within a month in select locations in closed user groups comprising customers and merchants, the central bank added. Going forward, other wholesale transactions, and cross-border payments will be the focus of future pilots, based on the learnings from this pilot," said the RBI. " 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. “Use of e-W is expected to make the inter-bank market more efficient.” In the pilot phase, RBI will issue the digital currency to each bank’s CBDC account at regular intervals and on demand, the bonds will settle in the SGL account with day end and pre-trade checks to ensure end-to-end operationalisation.
“The use case for this pilot is settlement of secondary market transactions in government securities,” the RBI said in a statement. The nine banks have already opened accounts with RBI to transact in CBDCs, and when a transaction happens, money will be transferred instantaneously. State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank and Kotak Mahindra Bank are among the nine banks that have been shortlisted in the wholesale e-rupee (e-W) pilot project. The pilot project for a retail version of the digital rupee will be launched in a month. This would also make it dead simple to repeat for all three rupees, making each of them match.NEW DELHI: The Reserve Bank of India (RBI) on Tuesday rolled out a pilot project with its own virtual currency when the wholesale digital rupee is used on a trial basis from today - initially for settlement of transactions in government securities. I could easily cut a piece of wood to look like half of the gem, vacuum form two halves, then glue them together. I had a flash of inspiration when I thought about vacuum forming.
I thought about cutting out individual pieces of plastic and gluing them together, but that would be time-consuming and would be difficult to make the seams look good. I thought about casting them, but casting translucent items is costly, messy, difficult and hazardous. I needed to come up with a way to make them cheaply and precisely, because the group wanted their props to be as accurate to the game as possible. The theatre group wanted a red, green and blue one for their performance. I recently made some props for a local theatre group that was producing a musical version of "The Legend of Zelda: The Ocarina of Time." One of the key props from all the Zelda series are the "rupees", a gemstone used primarily to purchase items within the game.
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