The Reserve Bank of India may launch its first digital currency trial program by December. Central banks, including those in China, Europe, and the U.K., are exploring digital currencies that they would issue, either to commercial lenders or to the public directly. These central bank digital currencies are legal tender in digital form - essentially the online version of their respective fiat currencies. In India’s case, that would be the digital rupee. India’s Reserve Bank is studying various aspects of a digital currency, including its security, impact on India’s financial sector, and how it would affect monetary policy and currency in circulation.