Better Acceptance To Push Up CBDC-R User Base
After a slow beginning, the Central Bank Digital Currency (CBDC-R or e₹-R) has picked up speed. The number of retail users of CBDC-R is expected to touch 50,000 at the end of this month.
Currently, this number stands at around 16,000. The Reserve Bank of India (RBI) launched a pilot project for e₹-R on December 1 last year. Official sources said the digital currency is progressing rather well.
“Since the launch of the pilot, around 16,000 users conducted transactions worth approximately ₹64 lakh,” sources said. And with further ease of use, awareness and more points for acceptability, the expectation is that the pace will quicken.
The pilot on Digital Rupee -Wholesale (e₹-W) was launched on November 1. At present, average daily transaction for e₹-W is ₹200 crore.
Eight banks are participating in the retail pilot project. These include State Bank of India, ICICI Bank, the Yes Bank, IDFC First Bank. Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank. Use of e₹-R is voluntary and it is part of total currency in circulation.
(Reporting by Shikha Singh, Editing by Laxmikant Khanvilkar)
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