India Takes a Slow Approach to CBDC Adoption with 50,000 Users in Digital Rupee Pilot
The Indian government doesn't want to rush its central bank digital currency (CBDC) pilot despite the CBDC race just a few months ago.
According to Rabi Sankar a deputy governor express, The central bank of India wants to proceed with CBDC testing in the smoothest way possible
India's CBDC pilot has had 50,000 users and 5000 merchants since launching the digital rupee pilot.
Rabi Sankar said that the government plans to proceed with CBDC testing in the smoothest way possible in the first public milestones of India.
Rabi Sankar stressed:
Also "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"
The latest announcement adds up to data from official digital rupee applications which suggests that the pilot is taking no more users.
The digital rupee pilot project has recorded 770,000 transactions across eight banks since Dec 1, 2022. the project is now working in five cities with nine more cities potentially gradually joining the pilot soon.