Photo: The Reserve Bank of India The Reserve Bank of India. Photographer: Adeel Halim/Bloomberg

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 (US$33.3 million) worth 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 percent 2027 bonds; 23 trades totaling 1.3 billion rupees in 7.26 percent 2032 bonds; and one transaction in 6.54 percent 2032 bond.

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