What Is the Digital Rupee?

The RBI has started this pilot of the digital rupee. A few countries have also already launched CBDCs such as Nigeria, Bahamas, Jamaica and some other Caribbean states. Nigerian central bank issued a directive that limits ATM cash withdrawals by individuals and businesses to 45 US dollars per day or 225 US dollars per week. This move is intended to push for greater adoption of CBDCs and move towards a cashless economy.