Govt Begins Piloting CBDCs For Food Subsidy Distribution

The pilot is being implemented by the Puducherry government, the RBI, the Public Financial Management System (PFMS) and Canara BankCurrently being piloted in Puducherry, the Centre plans to expand the initiative to three to four states and UTs, including Chandigarh and Dadra and Nagar Haveli, “soon”Beneficiaries will get digital coupons in their CBDC wallets, which can then be used to redeem the entitled quantity of foodgrains at merchant outletsThe Centre yesterday rolled out a central bank digital currenc ...