India's central bank RBI will launch the country's first pilot for a retail e-rupee on December 1st (Tuesday).&nbsp;The e-rupee will be the Reserve Bank of India's version of the central bank digital currency (CBDC) and will cover select locations and would be available to a closed user group to start with. The group as per the bank will include merchants and some participating customers.&nbsp;"It would be distributed through intermediaries such as banks."

The pilot will be launched in two phases. The first phase will have four banks participating across four cities, these banks are State Bank of India, ICICI Bank, Yes Bank and IDC First Bank.

Watch |&nbsp;India to introduce its digital currency 'E-Rupee' soon

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In the second phase, four more banks, namely: Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will also join across more cities.&nbsp;At a later stage, the scope of the pilot may be expanded gradually to include more banks, users and locations as needed,&nbsp;said the RBI.

Reuters reports that users will be able to transact using the e-rupee via their mobiles or devices, using the digital wallets of participating banks.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/india-news/india-rbi-to-pilot-launch-e-rupee-for-specific-cases-releases-concept-note-523437">India: RBI to pilot launch e-rupee for specific cases, releases concept note</a>

"It would be issued in the same denominations that paper currency and coins are currently issued," said RBI in a statement. However, unlike normal bank deposits, this would not earn users any interest and could not be converted into other forms of money.

"The pilot will test the robustness of the entire process of digital rupee creation, distribution and retail usage in real-time," said the bank.

Also read |&nbsp;<a href="https://www.wionews.com/what-is-rbis-digital-currency-difference-between-cryptocurrency-and-cbdc-530527">What is e-rupee and what is the difference between cryptocurrency and CBDC?</a>

Based on the pilot test results, the central bank will then test other applications and features of the e-currency.

Previously, on November 1, the Indian central bank also launched a pilot of the wholesale e-rupee. In it, nine participating banks have for a month been transacting in government securities using the e-rupee.

(With inputs from agencies)

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India's central bank RBI will launch the country's first pilot for a retail e-rupee on December 1st (Tuesday). The e-rupee will be the Reserve Bank of India's version of the central bank digital currency (CBDC) and will cover select locations and would be available to a closed user group to start with.

India's central bank RBI will launch the country's first pilot for a retail e-rupee on December 1st (Tuesday). The e-rupee will be the Reserve Bank of India's version of the central bank digital currency (CBDC) and will cover select locations and would be available to a closed user group to start with. The group as per the bank will include merchants and some participating customers. "It would be distributed through intermediaries such as banks." The pilot will be launched in two phases. The first phase will have four banks participating across four cities, these banks are State Bank of India, ICICI Bank, Yes Bank and IDC First Bank. Watch | India to introduce its digital currency 'E-Rupee' soon In the second phase, four more banks, namely: Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank will also join across more cities. At a later stage, the scope of the pilot may be expanded gradually to include more banks, users and locations as needed, said the RBI. Reuters reports that users will be able to transact using the e-rupee via their mobiles or devices, using the digital wallets of participating banks. Also read | India: RBI to pilot launch e-rupee for specific cases, releases concept note "It would be issued in the same denominations that paper currency and coins are currently issued," said RBI in a statement. However, unlike normal bank deposits, this would not earn users any interest and could not be converted into other forms of money. "The pilot will test the robustness of the entire process of digital rupee creation, distribution and retail usage in real-time," said the bank. Also read | What is e-rupee and what is the difference between cryptocurrency and CBDC? Based on the pilot test results, the central bank will then test other applications and features of the e-currency. Previously, on November 1, the Indian central bank also launched a pilot of the wholesale e-rupee. In it, nine participating banks have for a month been transacting in government securities using the e-rupee. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

RBI to launch India's first pilot for retail digital currency, e-rupee, on December 1

The international arm of the National Payments Corporation of India (NPCI) on Thursday announced to deploy Unified Payments Interface (UPI) in Nepal to bolster interoperable real-time person-to-person (P2P), person to merchant (P2M) and potential cross-border P2P remittances between Nepal and India. 
 
Nepal is the first country outside India to adopt UPI as the payments platform, driving the digitalisation of cash transactions.

Also read |<a href="https://www.wionews.com/south-asia/us-dismisses-reports-of-threatening-nepal-over-mcc-453416">&nbsp;US dismisses reports of threatening Nepal over MCC</a> 
 
The NPCI International Payments Limited (NIPL), the global arm of the NPCI joined hands with the Gateway Payments Service Pvt Ltd, an authorised Payment System Operators in Nepal, and Manam Infotech Private Limited to deploy UPI in the country. 
 
"The partnership will enable consumers within Nepal to transact swiftly using state-of-the-art UPI platform and deliver a seamless user experience. We are confident that this initiative will stand as a testimony to NIPL's technological capabilities and vision of scaling our unique offerings globally," said Ritesh Shukla, CEO of NIPL. 
 
It will also enable the way forward for real-time cross-border P2P remittances between Nepal and India.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/frustration-mounts-in-nepal-over-mcc-453927">Frustration mounts in Nepal over MCC</a> 
 
In 2021, UPI enabled 39 billion financial transactions amounting to commerce worth $940 billion, which is equivalent to approximately 31 per cent of India's GDP. 
 
"The same UPI service has created a significant positive impact in India in terms of the country's digital payment transformation. We expect UPI in Nepal would play a pivotal role in transforming the digital economy of the country and dreams of building a less-cash society," said Rajesh Prasad Manandhar, CEO of GPS. 
 
Mobile penetration of over 135 per cent, with 65 per cent of the population using smartphones, provides a bedrock for seamless replication of the digital revolution in India to be replicated in Nepal.

Watch |&nbsp;Gravitas: Nepal's ruling coalition on the 'brink of breakdown'

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-nepals-ruling-coalition-on-the-brink-of-breakdown-454149/embed" style="width:100%;max-width:560px;" width="560"></iframe> 
 
Over the next few months, all three companies will work closely together to deploy UPI in Nepal. along with all the functionalities and features presently available in India. 
 
"We believe this partnership will eliminate all the barriers of payment transformation within Nepal and across the border thereby transforming the regional economy," said Naga Babu Ramineni, Director of Manam.</div>

The international arm of the National Payments Corporation of India (NPCI) on Thursday announced to deploy Unified Payments Interface (UPI) in Nepal to bolster interoperable real-time person-to-person (P2P), person to merchant (P2M) and potential cross-border P2P remittances between Nepal and India.

The international arm of the National Payments Corporation of India (NPCI) on Thursday announced to deploy Unified Payments Interface (UPI) in Nepal to bolster interoperable real-time person-to-person (P2P), person to merchant (P2M) and potential cross-border P2P remittances between Nepal and India. Nepal is the first country outside India to adopt UPI as the payments platform, driving the digitalisation of cash transactions. Also read | US dismisses reports of threatening Nepal over MCC The NPCI International Payments Limited (NIPL), the global arm of the NPCI joined hands with the Gateway Payments Service Pvt Ltd, an authorised Payment System Operators in Nepal, and Manam Infotech Private Limited to deploy UPI in the country. "The partnership will enable consumers within Nepal to transact swiftly using state-of-the-art UPI platform and deliver a seamless user experience. We are confident that this initiative will stand as a testimony to NIPL's technological capabilities and vision of scaling our unique offerings globally," said Ritesh Shukla, CEO of NIPL. It will also enable the way forward for real-time cross-border P2P remittances between Nepal and India. Also read | Frustration mounts in Nepal over MCC In 2021, UPI enabled 39 billion financial transactions amounting to commerce worth $940 billion, which is equivalent to approximately 31 per cent of India's GDP. "The same UPI service has created a significant positive impact in India in terms of the country's digital payment transformation. We expect UPI in Nepal would play a pivotal role in transforming the digital economy of the country and dreams of building a less-cash society," said Rajesh Prasad Manandhar, CEO of GPS. Mobile penetration of over 135 per cent, with 65 per cent of the population using smartphones, provides a bedrock for seamless replication of the digital revolution in India to be replicated in Nepal. Watch | Gravitas: Nepal's ruling coalition on the 'brink of breakdown' Over the next few months, all three companies will work closely together to deploy UPI in Nepal. along with all the functionalities and features presently available in India. "We believe this partnership will eliminate all the barriers of payment transformation within Nepal and across the border thereby transforming the regional economy," said Naga Babu Ramineni, Director of Manam.

NPCI to deploy UPI payments platform in Nepal, 1st outside India

Information technology sector is optimistic about the year ahead as its business has increased in lockdown period and it's also looking forward to more orders this year. To know more about the Indian IT sector, we are joined by Mr CP Gurnani, MD & CEO of Tech Mahindra.

'Digital money a favorable move for the economy,' says CP Gurnani, MD & CEO of Tech Mahindra

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16.

The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from investors big and small alike.

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16.

Bitcoin's potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger U.S. investors, as well as from traders who normally stick to equities.

"You can buy a stock like Amazon, you can buy a stock like Apple, and you know what you got," said Dennis Dick, a proprietary trader at Bright Trading LLC. "Bitcoin you really just have digits on a screen and you're really hoping that the guy behind you sees it as being worth more than what you just paid for it, so it's a purely speculative view," he said.

Still, intrigued by the story behind bitcoin and the traction it was getting with institutional investors, he put 1% of his net worth into a bitcoin fund around five weeks ago, which has doubled in value since then, and he sold half on Thursday.

"When you double your money within five weeks, if you sell half of it, I figure now you’re playing with the house's money," he said.

Recent gains have taken bitcoin's market capitalization past $536 billion, according to industry website CoinMarketCap.

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16.

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16. The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from investors big and small alike. The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on December 16. Bitcoin's potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger U.S. investors, as well as from traders who normally stick to equities. "You can buy a stock like Amazon, you can buy a stock like Apple, and you know what you got," said Dennis Dick, a proprietary trader at Bright Trading LLC. "Bitcoin you really just have digits on a screen and you're really hoping that the guy behind you sees it as being worth more than what you just paid for it, so it's a purely speculative view," he said. Still, intrigued by the story behind bitcoin and the traction it was getting with institutional investors, he put 1% of his net worth into a bitcoin fund around five weeks ago, which has doubled in value since then, and he sold half on Thursday. "When you double your money within five weeks, if you sell half of it, I figure now you’re playing with the house's money," he said. Recent gains have taken bitcoin's market capitalization past $536 billion, according to industry website CoinMarketCap.

Bitcoin touches record above $29,000, extending 2020 rally

Major European players are joining forces to block Facebook's proposed digital currency because of the dangers it poses to national sovereignty, French Economy Minister Bruno Le Maire announced Friday.

The firm opposition from France, Italy and Germany adds to the mounting resistance faced by the tech giant's troubled foray into digital finance.

The Group of 20 economies also warned Friday of "serious" risks of money laundering, fraud and illicit finance posed by Libra, the social media network's proposed digital currency.

Italy, Germany and France will take unspecified steps in the coming weeks "to show clearly that Libra is unwelcome in Europe," Le Maire told reporters on the sidelines of the annual meetings of the World Bank and International Monetary Fund in Washington.

"We will not allow a private company to have the same power, the same monetary power as sovereign states," he added.

"The major difference between Facebook and governments is that we are subject to democratic control, that is the control of the people."

The Group of Seven economies on Thursday had said any reserve-backed digital currency like Libra -- known as a stable coin -- would require a sound legal framework before entering circulation.

But European officials say they want to go even further by blocking the currency outright.

Like Le Maire, German Finance Minister Olaf Scholz said Friday he was "very sceptical" about Libra.

"I favour not allowing the establishment of such a global currency because that is the responsibility of democratic states," he said.

But Scholz said he recognized the need for banking reforms to make cross-border payments more simple, cheap and speedy.

"At the same time, we must protect the autonomy of democratic states," he said.

Answer: A clear 'no'&nbsp;

Italian Finance Minister Roberto Gualtieri agreed, telling reporters on Friday there was a "strong consensus" among nations not to allow private currencies.

Libra also has faced challenges from within as major financial and commercial players in recent weeks backed out of the project, including Visa, Mastercard, eBay, Stripe, PayPal and the online travel firm Bookings Holdings.

But the Libra Association has tried to ward off a blockade by saying it will address the concerns posed by government officials.

"I repeat our priority today is to work with regulators to answer their legitimate questions and provide all necessary assurances," said Bertrand Perez, managing director of the association.

Le Maire, however, appeared to rule out such cooperation with Facebook, noting that the social media giant planned to tie its cryptocurrency to a basket of reserve assets.

"All Facebook would have to do would be to decide to use more or fewer dollars or euros to affect the exchange rate between the euro and the dollar, and thus have a direct impact on trade, industry and nations which use the dollar or euro as their base currency," he said.

This could harm monetary policy and affect governments' efficiency, he added.

"Do we want to put monetary policy in the hands of a private company like Facebook? My answer is clearly no," he said.

Still, he said he was not opposed to the creation of a digital currency, which France could develop "in a European framework."

"The right answer is not a private digital currency under the control of one of the largest multinationals on the planet," he said, referring to Facebook's billions of users.

The Libra association officially launched Monday in Geneva with 21 founding members, including the telecoms firms Vodafone and Iliad, as well as tech outfits Uber, Spotify and Farfetch, blockchain operations such as Anchorage, Xapo and Coinbase and the venture capital firm Andreessen Horowitz.

Major European players are joining forces to block Facebook's proposed digital currency because of the dangers it poses to national sovereignty, French Economy Minister Bruno Le Maire announced Friday.

Major European players are joining forces to block Facebook's proposed digital currency because of the dangers it poses to national sovereignty, French Economy Minister Bruno Le Maire announced Friday. The firm opposition from France, Italy and Germany adds to the mounting resistance faced by the tech giant's troubled foray into digital finance. The Group of 20 economies also warned Friday of "serious" risks of money laundering, fraud and illicit finance posed by Libra, the social media network's proposed digital currency. Italy, Germany and France will take unspecified steps in the coming weeks "to show clearly that Libra is unwelcome in Europe," Le Maire told reporters on the sidelines of the annual meetings of the World Bank and International Monetary Fund in Washington. "We will not allow a private company to have the same power, the same monetary power as sovereign states," he added. "The major difference between Facebook and governments is that we are subject to democratic control, that is the control of the people." The Group of Seven economies on Thursday had said any reserve-backed digital currency like Libra -- known as a stable coin -- would require a sound legal framework before entering circulation. But European officials say they want to go even further by blocking the currency outright. Like Le Maire, German Finance Minister Olaf Scholz said Friday he was "very sceptical" about Libra. "I favour not allowing the establishment of such a global currency because that is the responsibility of democratic states," he said. But Scholz said he recognized the need for banking reforms to make cross-border payments more simple, cheap and speedy. "At the same time, we must protect the autonomy of democratic states," he said. Answer: A clear 'no' Italian Finance Minister Roberto Gualtieri agreed, telling reporters on Friday there was a "strong consensus" among nations not to allow private currencies. Libra also has faced challenges from within as major financial and commercial players in recent weeks backed out of the project, including Visa, Mastercard, eBay, Stripe, PayPal and the online travel firm Bookings Holdings. But the Libra Association has tried to ward off a blockade by saying it will address the concerns posed by government officials. "I repeat our priority today is to work with regulators to answer their legitimate questions and provide all necessary assurances," said Bertrand Perez, managing director of the association. Le Maire, however, appeared to rule out such cooperation with Facebook, noting that the social media giant planned to tie its cryptocurrency to a basket of reserve assets. "All Facebook would have to do would be to decide to use more or fewer dollars or euros to affect the exchange rate between the euro and the dollar, and thus have a direct impact on trade, industry and nations which use the dollar or euro as their base currency," he said. This could harm monetary policy and affect governments' efficiency, he added. "Do we want to put monetary policy in the hands of a private company like Facebook? My answer is clearly no," he said. Still, he said he was not opposed to the creation of a digital currency, which France could develop "in a European framework." "The right answer is not a private digital currency under the control of one of the largest multinationals on the planet," he said, referring to Facebook's billions of users. The Libra association officially launched Monday in Geneva with 21 founding members, including the telecoms firms Vodafone and Iliad, as well as tech outfits Uber, Spotify and Farfetch, blockchain operations such as Anchorage, Xapo and Coinbase and the venture capital firm Andreessen Horowitz.

European governments move to veto Facebook's digital money

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