India’s Central Bank Digital Currency Has 1.5M Users, 300K Merchants, Says RBI Chief

Reserve Bank of India (RBI) Governor Shaktikanta Das has revealed that India’s cardinal slope integer currency (CBDC) present has astir 1.5 cardinal users. In addition, implicit 300,000 merchants are presently accepting payments successful integer rupees, and the aviator is being operated done 13 banks successful 26 cities.

RBI Governor’s Digital Rupee Update

Reserve Bank of India (RBI) Governor Shaktikanta Das provided an update connected the advancement of India’s cardinal slope integer currency (CBDC) aviator connected Wednesday astatine this year’s Global Fintech Fest successful Mumbai. The Indian cardinal slope began its integer rupee aviator for the wholesale segment successful November past year, followed by a aviator successful the retail segment successful December.

The RBI politician revealed that India’s cardinal slope integer currency proceedings has been rolled retired to astir 1.46 cardinal users. He added that the integer rupee aviator is being operated done 13 banks successful 26 cities, and implicit 300,000 merchants accepted payments successful CBDCs arsenic of Aug. 31.

Das further elaborate that the RBI has enabled afloat interoperability of CBDC with UPI QR codes, noting that the cardinal slope is targeting 1 cardinal regular CBDC transactions by December this year, which volition supply it with capable information points for analysis.

In February, RBI Deputy Governor T. Rabi Sankar said that 50,000 users and 5,000 merchants had adopted the cardinal bank’s integer currency. By July, helium shared that the idiosyncratic basal had surged to 1.3 million, with 300,000 merchants accepting the integer rupee.

Moreover, RBI Executive Director Ajay Kumar Choudhary said Sunday connected the sidelines of the G20 Leaders’ Summit that the Indian cardinal slope is apt to motorboat a CBDC aviator for transactions for interbank borrowing oregon telephone wealth marketplace by October. India holds the G20 Presidency this year. Choudhary was quoted by section media arsenic saying:

The RBI volition present the wholesale CBDC successful the telephone marketplace either this period oregon adjacent month.

Choudhary believes that the e-rupee volition rival cryptocurrency, stating successful March that India’s cardinal slope integer currency volition enactment arsenic an alternative to cryptocurrency. Last December, Sankar claimed that India’s CBDC should beryllium capable to bash anything crypto tin bash without risks.

What bash you deliberation astir the advancement of India’s cardinal slope integer currency? Let america cognize successful the comments conception below.