India’s Central Bank Starts Pilot Digital Currency Program

India’s central bank started a pilot program of its digital currency Tuesday, allowing select banks to use it for settling secondary-market transactions in government securities.

Banks traded 2.75 billion rupees ($33.3 million) of bonds on the first day using the new form of currency, data from Clearing Corp. of India Ltd. showed. Nine participating banks executed 24 trades worth 1.4 billion rupees in 7.38% 2027 bond, 23 trades totaling 1.3 billion rupees in 7.26% 2032 bonds and one transaction in 6.54% 2032 bond.