The RBI recently published a Concept Note on Central Bank Digital Currency. The Note aims to explain the regulator’s objectives, choices, benefits and risks of issuing a CBDC in India. It broadly defines CBDC as the legal tender issued by a central bank in a digital form and refers to the Indian CBDC as “e₹, or digital Rupee”. Many of these choices render the space ripe for public-private partnership between the RBI and India’s thriving Web3 ecosystem.