RBI Exploring UPI, E-Rupee Interoperability
The Reserve Bank of India plans to make UPI QR codes interoperable with those for India’s sovereign digital currency, or the E-Rupee.
“We are planning to make the UPI QR code interoperable [with the E-Rupee],” RBI Deputy Governor T Rabi Sankar said in a post policy press conference. The E-Rupee is India’s central bank digital currency.
While the central bank has not set a particular timetable for the retail digital currency’s public deployment, Rabi Sankar stated that the goal is to have one million users by the end of June.
In December 2022, India began its retail CBDC experiment. On Tuesday, the RBI announced that the scope of the Central Bank Digital Currency pilot is being gradually expanded to cover more banks and locations.
(With inputs from Shikha Singh)
You need to login in order to Like
