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Indian Central Bank Aims To Reach 1 Million CBDC Users By The End Of June

Press Releases Crypto News Bitcoinist Indian Central Bank Aims To Reach 1 Million CBDC Users By The End Of June

The Reserve Bank of India (RBI) is strategically working towards acquiring one million active customers on its central bank digital currency (CBDC) or e-rupee by the conclusion of this month.

In response to a media inquiry regarding the anticipated launch of CBDC, T Rabi Sankar, the Deputy Governor of the RBI, confirmed, however, that there is still no fixed date for its release.

Shankar emphasized that the transition to CBDC usage across the country will be a gradual and calibrated process, primarily focused on internalizing the lessons learned from the increasing adoption of CBDC.

Major Indian Cities Launch Pilot Program for CBDC Implementation

On December 1, 2022, the Reserve Bank of India (RBI) commenced the initial pilot phase for the e-rupee in the retail segment. This phase was limited to select locations and involved a closed user group consisting of customers and merchants nationwide.

Concurrently, starting from November 1, 2022, a pilot program for the e-rupee in the wholesale segment was also launched. This program facilitated secondary market transactions in government securities and involved the participation of nine banks. These initiatives marked important steps in testing and implementing the e-rupee in different sectors of the economy.

The pilot program for the central bank digital currency (CBDC) was initially launched in four cities: Mumbai, New Delhi, Bengaluru, and Bhubaneswar.

It was conducted with a select group of customers and merchants in these locations. And as the program progressed and gained insights, it gradually expanded its reach to additional cities across the country.

Some of the cities included in the expansion were Ahmedabad, Chandigarh, Gangtok, Guwahati, Hyderabad, Indore, Kochi, Lucknow, Patna, and Shimla.

RBI To Interoperate CBDC QR Codes With UPI System

This expansion allowed for a broader range of participants to experience and provide feedback on the CBDC initiative. Initially, the CBDC project involved the participation of four b

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Author: anushsamal

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