Date: 11 July, 2023
The governor of the Reserve Bank of India, Shaktikanta Das, announced that the central bank’s digital currency trial has been extended to 1.5 million users. This update on the e-rupee pilot project, initiated in December 2022, was shared during a fintech festival in Mumbai. Das informed the audience that the pilot program is being conducted in collaboration with 13 banks across 26 cities. Presently, slightly more than 300,000 merchants are equipped to accept payments in CBDC.
The expansion of the CBDC pilot to such a significant user base showcases the Reserve Bank of India’s commitment to exploring the potential of digital currency and its readiness to embrace technological advancements in the financial sector. It also signifies the growing acceptance and demand for digital payments in India, setting the stage for potential broader adoption of CBDCs in the country’s financial landscape.
References:
https://www.reuters.com/markets/currencies/india-cenbank-eyes-one-mln-digital-currency-transactions-daily-by-year-end-2023-07-11/
https://retirement.outlookindia.com/plan/news/cbdc-pilot-crosses-1-million-users-know-what-cbdc-is-and-how-it-works