The Indian Central Bank is said to be launching a digital rupee.

Following the unveiling of the digital rupee project earlier this year, the Reserve Bank of India is nearing the debut of its digital counterpart of the country's fiat currency.
According to Reuters, India's central bank will introduce the country's central bank digital currency on November 1st.

According to the article, the pilot initiative would feature roughly nine local institutions, including the State Bank of India, Bank of Baroda, Union Bank of India, HSBC, and IDFC First Bank.

According to the RBI, digital ruppe is intended to settle secondary market transactions in government securities, as well as to improve interbank market efficiency by lowering transaction costs of settlements..

Within a month, the digital rupee will be available in a few areas for retail use. Retail CBDCs are used by families and companies to pay directly and store value in the digital equivalent of a certain fiat currency.

Despite the fact that the Indian government has been extremely quick in developing CBDC, the country's authorities have made trading and investing in crypto difficult for the Indian crypto business by declaring a 30% tax on owning and transferring crypto assets earlier this year.

Source: https://mycryptoparadise.com/indian-central-bank-to-reportedly-launch-digital-rupee/