Half A Million Indians Embrace Digital Rupee
According to the Reserve Bank of India, half a million citizens have already embraced the digital rupee, with 5,000 merchants in the South Asian country accepting the country’s first central bank digital currency as a payment method for everyday goods and services.
The digital rupee of India is currently being tested as part of a pilot project launched in November. The central bank announced in December that the pilot programme had begun in four cities and eight banks in Mumbai, New Delhi, Bengaluru, and Bhubaneswar.
At least 770,000 transactions using the digital rupee have been logged at eligible banks, with five additional banks and eight more cities pledging to sign on, the Reserve Bank of India’s Deputy Governor Rabi Sankar recently said.
“We want the process to happen, but we want the process to happen gradually and slowly,” Sankar said. “We are in no hurry to make something happen so quickly.”
(With inputs from Shikha Singh)
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