RBI reports over 5 million users for its digital rupee

IconCryptoNewsTerminal Staff01 Aug, 2024

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RBI reports over 5 million users for its digital rupee

The Reserve Bank of India (RBI) announced that over 5 million people are now using its digital currency, known as the e-rupee. As of June, the number of merchants participating in the CBDC pilot project stood at 420,000. The e-rupee is a digital form of the Indian rupee that is issued and regulated by the RBI. It is designed to complement, not replace, physical cash and is intended to make payments more efficient and secure. The RBI has been piloting the e-rupee in select cities since December 2022. The pilot has been successful in demonstrating the feasibility and benefits of a CBDC. The RBI plans to expand the pilot to additional cities and use cases in the coming months. The e-rupee has the potential to revolutionize the way payments are made in India. It is a safe, efficient, and convenient way to pay for goods and services. As the e-rupee becomes more widely adopted, it is likely to have a significant impact on the Indian economy.

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