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The first pilot in the Digital Rupee Wholesale segment (“e₹-W”) has been launched by the Reserve Bank of India(“RBI”) vide press release dated 31st October 2022 (“Press Release”).
As per the Press Release:
1) The use case for this pilot is settlement of secondary market transactions in government securities and has commenced from 1st November 2022.
2) Nine banks, viz., State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank and HSBC have been identified for participation in the pilot.
3) The first pilot in Digital Rupee - Retail segment is planned for launch within a month in select locations in closed user groups comprising customers and merchants.
4) Benefits of launch of e₹-W:
(a) Expected to make the inter-bank market more efficient.
(b) Settlement in central bank money would reduce transaction costs by pre-empting the need for settlement guarantee infrastructure or for collateral to mitigate the settlement risk.
Concurrently the Dubai Financial Services Authority’s (“DFSA”) crypto token came into force. The regime is comprehensive covering Anti Money Laundering and Counter Financial Terrorism risk in respect of trading, clearing, holding or transferring crypto tokens. All firms who wish to conduct business relating to Crypto Tokens in or from the Dubai International Financial Centre can apply via the DFSA website [https://www.dfsa.ae/innovation].
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