India Central Bank: 50,000 People and 5,000 Merchants Now Use Digital Rupees

Key Points: The Reserve Bank of India (RBI), has revealed that the central bank’s digital currency is being used by 50,000 consumers (CBDC) and 5,000 businesses (CBDC).
Last month, the RBI governor declared that bitcoin has no fundamental worth, warning that it would undermine the RBI’s authority, and lead to the dollarization economy.
The Reserve Bank of India (RBI), has revealed that the central bank’s digital currency is currently being used in India by 50,000 consumers and 5,000 merchants (CBDC). According to T. Rabi Sankar, RBI Deputy Governor, eight banks are currently processing digital rupee transactions. Five more banks are expected to join soon. Rabi Sankar (Deputy Governor of Reserve Bank of India) stated that the pilot’s digital currency pilot at the central bank had reached its initial milestones. According to the RBI official India’s central bank digital currency, CBDC (central bank digital currency) has 50,000 users and can be accepted by 5,000 shops. The retail digital rupee trial began in five Indian cities on December 1, last year. However, the central bank plans to expand to nine additional locations. Around 770,000 transactions in digital rupees have been handled by eight banks so far. The RBI intends to add five additional banks to the trial program in the near future.The central banker stressed that the Reserve Bank of India plans to proceed cautiously with the digital rupee program in order to avoid taking decisions without fully comprehending the possible consequences.Reliance Retail, India’s largest retailer, revealed this week that it aims to accept digital rupee payments. The retailer has partnered with ICICI Bank and Kotak Mahindra Bank as well as fintech Innoviti Technologies to provide support for the central bank’s digital currency at its Freshpik gourmet stores. This is in line with India’s central banking recommendation to ban all cryptocurrencies, including bitcoin and ether. RBI Governor Shaktikanta Das has warned that cryptocurrencies pose a threat to the country’s financial system and may precipitate the next financial crisis if not prohibited.Furthermore, the RBI governor stated last month that “cryptocurrency has no underlying value,” warning that “it would undermine the RBI’s authority and lead to the dollarization of the economy.” Other RBI officials have warned that cryptocurrency might lead to the dollarization of a portion of the Indian economy, which would be “against the country’s sovereign interest.”DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: NewsTags: cryptodigital assetDigital RupeeIndiaindia cryptomarket