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Digital Rupee Has 50,000 Users And 5000 Merchants: RBI The pilot project started on December 1 has witnessed 7.70 lakh transactions, and is now being carried out in five cities

By Teena Jose

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The Reserve Bank of India (RBI), on Wednesday, said that the recently launched retail central bank digital currency (CBDC) pilot has reached 50,000 users and 5000 merchants, according to a PTI report.

While speaking at the post-policy press conference, the deputy governor T Rabi Sankar, said in a statement that, "We want the process to happen, but we want it to happen slowly and gradually. We are in no hurry to make something happen so quickly. We have our targets in terms of users, in terms of merchants. We will go slowly."

He further added that, "The RBI does not want to end up in a situation where it does something without actually understanding the likely impact or would always desire to be in a position where it can manage the fallout. Also, 50,000 users and 5,000 merchants are transacting through eight banks at present, and another five lenders are set to join soon."

The pilot project started on December 1 has witnessed 7.70 lakh transactions, and is now being carried out in five cities, Rabi Sankar stated.

India is reportedly among the few nations among the 100 countries mulling to introduce digital versions of fiat currencies called the CBDCs. Before the retail CBDC, the RBI had started the wholesale CBDC pilot last year

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.
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