RBI to Pilot Deposit Tokenization Using Wholesale CBDC on October 8

India's central bank will test blockchain-based interbank settlements among domestic banks as part of its wholesale CBDC initiative.

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Terms & Concepts
  • CBDC: Central Bank Digital Currency, a digital form of a country's sovereign currency issued by its central bank.
  • Deposit Tokenization: The process of converting bank deposits into digital tokens for efficient and secure transactions on a blockchain.
  • Wholesale CBDC: A central bank digital currency designed for transactions between financial institutions, typically for interbank settlements.