The Retail Central Bank Digital Currency (CBDC) experiment, launched on December 1, 2022, has more than 50,000 customers and 5,000 merchants, according to a statement from the Reserve Bank of India (RBI) on Wednesday. 7.70 lakh transactions have been recorded for the project thus far.
The RBI reported on Wednesday that the recently launched retail central bank digital currency (CBDC) pilot has 50,000 customers and 5,000 businesses.
The RBI reported on Wednesday that the recently launched retail central bank digital currency (CBDC) pilot has 50,000 customers and 5,000 businesses.
“We want the process to move forward, but we want it to do so gently. We don’t need something to happen so rapidly, “Deputy Governor T. Rabi Sankar stated at the press conference following the policy. “We have user and merchant goals that we are working toward. We’ll move carefully, “Added he.
According to Sankar, the RBI always wants to be in a position where it can handle the repercussions and avoids finding itself in a situation where it acts without fully knowing the possible consequences.
According to him, eight banks are currently used for transactions by 50,000 consumers and 5,000 merchants, and another five lenders are expected to sign up soon.
According to him, the trial project launched on December 1 is now being used in five cities and has seen 7.70 lakh transactions.
Sankar stated that there are plans to add nine more cities to the list gradually.
India is among the select few of the 100 countries considering using digital fiat money, known as CBDCs.
The RBI began the wholesale CBDC pilot program last year before starting the retail CBDC program.
