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73 CBDC Pilot: India's Digital Rupee for Welfare India is testing whether a central bank digital currency (CBDC) can do more than modernize payments—it may also change how governments distribute public aid. The Reserve Bank of India (RBI) conducted multiple CBDC pilots during the fiscal year in which beneficiaries received food benefits via the digital rupee. The RBI highlighted the immediacy and programmability of a CBDC as tools to...
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