e-Rupee (digital rupee)

The e-rupee (e₹) is India's central bank digital currency (CBDC), a digital form of the rupee issued by the Reserve Bank of India. It is legal tender and a direct liability of the RBI, like banknotes, so it is not a cryptocurrency.

The RBI launched a wholesale pilot (e₹-W) for interbank settlement on 1 November 2022 and a retail pilot (e₹-R) on 1 December 2022, initially in a few cities with a handful of banks. Retail users hold e-rupees in a digital wallet app from a participating bank and can pay people or merchants, including by scanning UPI QR codes. The pilot has since been expanded to more banks, cities and features such as offline payments and programmability.

Unlike bitcoin, the e-rupee is centrally issued and controlled, has no fixed supply and its value is always one rupee. It does not pay interest. Unlike stablecoins, it is issued directly by the central bank rather than a private company.