After launching the digital rupee in December 2022, the Reserve Bank of India recorded 5,000 merchants and 50,000 consumers using the digital currency.
Announcing the first public milestones of India’s digital currency at a policy press conference, RBI deputy governor Rabi Sankar stressed that the government plans to proceed with CBDC testing in the smoothest way possible.
“We have our targets in terms of users, in terms of merchants. We will go slowly,” Sankar stated, noting that the RBI doesn’t want to push CBDC developments without having full awareness about its potential impact. He stated: "We want the process to happen, but we want the process to happen gradually and slowly. We are in no hurry to make something happen so quickly.”
Sankar noted that the digital rupee pilot project has recorded 770,000 transactions across eight banks since the trial was launched on Dec. 1, 2022. The project is currently being carried out in five cities, with nine more cities potentially gradually joining the pilot soon. The official also said that five more banks are set to join the project in the near future.
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