The Reserve Bank of India’s digital currency (CBDC-R or e₹-R) users are shooting up with the expectation of touching 50000 users by the end of this month. Last year on December 1, a pilot project for e₹-R was launched by the RBI.
There are about 16000 users right now for the retail pilot and conducted transactions worth ₹64 lakh. On November 1, The pilot on Digital Rupee – Wholesale (e₹-W) was launched. At present, an average daily transaction for e₹-W is ₹200 crore.
With more awareness and acceptability the use of the CBDC can be increased. Users can buy with e₹-R through a digital wallet offered by the participating banks.
Also Read: Digital Rupee: What Indians Need to Know
Last week, RBI Governor Shaktikanta Das said that the central bank is highly tentative about CBDC. “If there is cloning or anything which happens, it can be very, very risky. So we are moving through it very carefully.”
