India’s CBDC Has 1.5 mn Users
At the Global Fintech Fest in Mumbai, Governor of the Reserve Bank of India (RBI) Shaktikanta Das gave an update on the development of the pilot programme for central bank digital currency (CBDC) in India. In November of last year, the Indian Central Bank launched its digital rupee trial for the wholesale market, and in December, it launched a similar pilot for the retail market.
The central bank of India’s digital currency pilot has reportedly been made available to 1.46 million customers, according to the governor of the RBI. In 26 locations, 13 banks are running the digital rupee trial, he continued, and as of August 31st , over 300,000 businesses were accepting CBDC payments.
The RBI has fully integrated CBDC with UPI QR codes, with a target of 1 million daily transactions by December this year, providing ample data for analysis.
RBI Deputy Governor T. Rabi Sankar reported that the Indian central bank’s digital currency, the rupee, had a user base of 1.3 million by July, with 300,000 merchants accepting it. RBI Executive Director Ajay Kumar Choudhary said that the Indian central bank is likely to launch a Central Bank Digital Currency (CBDC) pilot for transactions in the interbank borrowing or call money market by October.
(With inputs from Shikha Singh)
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