Highlights

  • RBI's retail digital currency pilot records ₹5.70 crore transactions.
  • Challenges and ambitions mark the path toward CBDC adoption.

Latest news

Sarfaraz Khan's brother Musheer Khan stars in Mumbai's recovery with a gritty hundred in Ranji Trophy

Sarfaraz Khan's brother Musheer Khan stars in Mumbai's recovery with a gritty hundred in Ranji Trophy

Germany legalises marijuana, to let people grow plants on their own

Germany legalises marijuana, to let people grow plants on their own

Former Karnataka player Hoysala dies due to cardiac arrest after match

Former Karnataka player Hoysala dies due to cardiac arrest after match

Taylor Swift sings ‘Karma is the guy on Chiefs’, kisses boyfriend Travis Kelce after concert

Taylor Swift sings ‘Karma is the guy on Chiefs’, kisses boyfriend Travis Kelce after concert

Assam cabinet approves repeal of Muslim marriages, divorce registration law

Assam cabinet approves repeal of Muslim marriages, divorce registration law

Vikrant Massey and wife Sheetal Thakur share first glimpse of son; this is what they have named their son

Vikrant Massey and wife Sheetal Thakur share first glimpse of son; this is what they have named their son

Bengaluru Court summons Rahul Gandhi, Siddaramaiah & Shivakumar in a case filed by BJP

Bengaluru Court summons Rahul Gandhi, Siddaramaiah & Shivakumar in a case filed by BJP

WPL 2024: Harmanpreet Kaur, Yastika Bhatia fifties help MI beat DC in final-ball thriller in the opener

WPL 2024: Harmanpreet Kaur, Yastika Bhatia fifties help MI beat DC in final-ball thriller in the opener

RBI's retail digital currency pilot registers transactions worth ₹5.70 Crore

RBI's retail digital currency pilot records ₹5.70 crore transactions, RBI has achieved significant milestones in the retail CBDC pilot, surpassing one million daily transactions by the end of 2023

RBI's retail digital currency pilot registers transactions worth ₹5.70 Crore

The Reserve Bank of India's pilot programme for retail digital currency has recorded transactions totalling ₹5.70 crore in the initial four months, revealed a recent Right to Information report filed by Moneycontrol.

Data disclosed in the balance sheet of the RBI as of March 31, 2023, revealed that the E-Rupee issued for Central Bank Digital Currency in the retail sector amounted to ₹5.70 crore, as stated by the RBI in response to an inquiry on January 16.

Launched on December 1, 2022, the retail CBDC pilot aims to introduce the digital rupee, utilizing blockchain and other technologies to enhance the digital economy and streamline currency management, as announced by Finance Minister Nirmala Sitharaman in her budget speech on February 1, 2022.

The pilot initially targeted specific locations within a closed user group comprising customers and merchants. The e₹-R (e-rupee-retail) is designed as a digital token representing legal tender and issued in denominations similar to paper currency and coins, stated the RBI on November 29, 2022.

The pilot's initial phase involved four banks across four cities, later expanded to include four additional banks and new cities. Despite a promising start, experts noted challenges in widespread adoption due to the entrenched usage of the Unified Payments Interface (UPI) for digital payments.

Sharat Chandra, co-founder of India Blockchain Forum, highlighted the necessity for compelling reasons to switch from existing payment methods to CBDC. He emphasized the need for clear advantages over conventional methods and highlighted CBDC's programmability as a potential catalyst for enhanced financial services and transactions, reported Money Control.

While SBI and Bank of Baroda expressed ambition in scaling up their user bases for retail CBDC projects, Chandra underscored the imperative for banks to invest in seamless integration with existing payment systems for widespread adoption.

The RBI has achieved significant milestones in the retail CBDC pilot, surpassing one million daily transactions by the end of 2023, signalling progress towards a digital currency future.

Also Watch: Cisco announces workforce downsizing amidst shifting market trends


Up Next

RBI's retail digital currency pilot registers transactions worth ₹5.70 Crore

RBI's retail digital currency pilot registers transactions worth ₹5.70 Crore

Government aims for record road construction in FY24

Government aims for record road construction in FY24

Investors oust Raveendran; Byju's calls decision invalid

Investors oust Raveendran; Byju's calls decision invalid

Paytm crisis: RBI announces roadmap to ensure smooth transition for users with @paytm handles

Paytm crisis: RBI announces roadmap to ensure smooth transition for users with @paytm handles

Indian semi-conductor stocks rally after Nvidia's record gain

Indian semi-conductor stocks rally after Nvidia's record gain

Kia announces voluntary recall of over 4,300 Seltos cars in India

Kia announces voluntary recall of over 4,300 Seltos cars in India

More videos

Maharashtra FDA cracks down on McDonald's for using cheese substitutes

Maharashtra FDA cracks down on McDonald's for using cheese substitutes

Byju's investors file oppression, mismanagement suit against co-founder Raveendran at NCLT

Byju's investors file oppression, mismanagement suit against co-founder Raveendran at NCLT

Yulu raises $19.25 million from Magna, Bajaj Auto to fuel expansion plans

Yulu raises $19.25 million from Magna, Bajaj Auto to fuel expansion plans

Paytm app downloads plummet after RBI restrictions; BHIM UPI sees 49% surge

Paytm app downloads plummet after RBI restrictions; BHIM UPI sees 49% surge

Invest Smart: Expert guide for first-time mutual fund investors

Invest Smart: Expert guide for first-time mutual fund investors

Goldman Sachs downgrades SBI, ICICI, Yes Bank, says headwinds intensifying for financial services

Goldman Sachs downgrades SBI, ICICI, Yes Bank, says headwinds intensifying for financial services

Nvidia's rise propels CEO Jensen Huang to become world's 24th richest; here's everything about him

Nvidia's rise propels CEO Jensen Huang to become world's 24th richest; here's everything about him

US based Vice Media to lay off several hundreds, to stop website publishing

US based Vice Media to lay off several hundreds, to stop website publishing

BYJU's founder and board declare EGM invalid, decide to skip the meet

BYJU's founder and board declare EGM invalid, decide to skip the meet

Gold, Silver Price Today February 23, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Gold, Silver Price Today February 23, 2024: Check Latest Rates in Mumbai, Delhi, Chennai, Bengaluru

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.