RBI Governor Provides Update on India’s Central Bank Digital Currency Pilot
In a recent update, Reserve Bank of India (RBI) Governor Shaktikanta Das shared details about the progress of India’s central bank digital currency (CBDC) pilot. The digital rupee pilot was initiated for the wholesale segment in November last year, followed by a pilot in the retail segment in December.
Key Points:
- The CBDC pilot has been rolled out to around 1.46 million users across 26 cities.
- Currently, 13 banks are operating the digital rupee pilot, with over 300,000 merchants accepting CBDC payments as of August 31.
- The RBI has enabled full interoperability of CBDC with UPI QR codes and aims to achieve 1 million daily CBDC transactions by December.
Furthermore, RBI Executive Director Ajay Kumar Choudhary stated that a CBDC pilot for interbank borrowing or call money market transactions is likely to be launched by October. Choudhary believes that India’s CBDC will serve as an alternative to cryptocurrencies and can perform similar functions without the associated risks.
Hot Take: India’s Digital Rupee Pilot Shows Promising Progress
The update from RBI Governor Shaktikanta Das reveals the successful expansion of India’s CBDC pilot, with millions of users and a significant number of merchants accepting digital rupee payments. The interoperability with UPI QR codes and the target of 1 million daily transactions by December demonstrate the central bank’s commitment to advancing the digital currency ecosystem in India. Additionally, the upcoming CBDC pilot for interbank transactions further showcases India’s progressive approach to financial innovation. As India continues to explore the potential of its digital rupee, it is poised to establish itself as a leader in the global CBDC landscape.
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