RBI Data Shows CBDC Wholesale Circulation Dropped
The Reserve Bank of India (RBI) is in the advanced trial phase of rolling out the central bank digital currency (CBDC), with multiple national banks assisting.
While eRupee usage in the retail sector has increased, wholesale usage has seen a decline. As of FY 2024, about Rs. 234 crore worth of eRupee has been used, while CBDCs worth Rs. 8 lakh have been used in the wholesale sector.
The RBI plans to circulate the digital rupee through payment system operators not part of the banking system, and is likely to allow platforms like Google Pay and PhonePe to distribute the digital rupee in the retail ecosystem.
The RBI is also working on adding an offline payments feature to make it usable for those in areas with low internet connectivity.
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