var TRINITY_TTS_WP_CONFIG={“cleanText”:”India unveils plans to trigger increased CBDC adoption.u23f8Indiau2019s banking regulator has expressed confidence that itsu00a0central bank digital currencyu00a0(CBDC) could record 1 million transactions each day before the end of the year.u23f8The Reserve Bank of India (RBI) isu00a0keen on seeingu00a0the digital rupee operate beyond the purview of a payment instrument. In a speech to attendees of a financial conference, RBI Deputy Governor T Rabi Sankar disclosed that the central bank has several plans to trigger increased adoption of the CBDC.u23f8Sankar noted that a substantial strategy to achieve the one million daily transaction milestone is byu00a0integrating cross-border payment functionalities and ensuring the safety of user data.u23f8u201cWe will have to ensure how the anonymity of transactions under CBDC is maintained,u201d said Sankar.u23f8India officiallyu00a0beganu00a0its CBDC pilot at the tail-end of 2022, roping in several banks to assist in developing retail and wholesale versions. Within 60 days, the retail pilot had onboarded 50,000 users and 5,000 merchants, with the RBI saying it will adopt au00a0slow-and-steadyu00a0approach toward CBDC development.u23f8After crossing existing milestones, the RBI set a newu00a0targetu00a0of 1 million users before the end of June, in addition to the planned integration of the CBDC with the United Payments Interface (UPI) through QR codes.u23f8u201cWe want to assess the impact and learn as we go,u201d said Sankar. u201cBy the end of June, we are targeting one million CBDC users. We are also planning to make UPI Q code interoperable with the CBDC.u201du23f8At the moment, the retail pilot has 1.3 million customers and 300,000 merchants after seven months since its launch. While details ofu00a0transaction volumesu00a0are sparse, pundits posit that the new target of a million daily transactions may be the most challenging milestone placed by the RBI.u23f8To achieve the target, the central bank is expected to extend the pilot to more cities across India by adding new use cases across transportation and retail sectors. The retail pilot is spearheaded by eight Indian banks, including the State Bank of India, ICICI Bank, IDFC First Bank, Bank of Baroda, Kotak Mahindra Bank, Union Bank of India, HDFC Bank, and Yes Bank.u23f8Two dozen CBDCs expected to go live by 2030u23f8Given the pace of global CBDC development, the Bank for International Settlements (BIS) hasu00a0predictedu00a0that 24 central banks will launch digital versions of their national currencies before the end of the decade.u23f8According to the BIS report, up to 15 retail CBDCs are projected to be operational in the coming years, with the paper predicting nine wholesale CBDCs. Developing countries are seen to lead the push into CBDCs as they target improvedu00a0financial inclusion and domestic payment efficiency.u23f8China,u00a0Russia, andu00a0Indiau00a0are among the countries in pole position to launch CBDCs in the coming years, with their central banks exploring the possibilities of cross-border payments.u23f8To learn more aboutu00a0central bank digital currenciesu00a0and some of the design decisions that need to be considered when creating and launching it, readu00a0nChainu2019s CBDC playbook.u23f8Watch: Blockchain ticks all the boxes for Indiau2019s thriving e-commerce marketu23f8″,”headlineText”:”India unveils plans to trigger increased CBDC adoption”,”articleText”:”Indiau2019s banking regulator has expressed confidence that itsu00a0central bank digital currencyu00a0(CBDC) could record 1 million transactions each day before the end of the year.u23f8The Reserve Bank of India (RBI) isu00a0keen on seeingu00a0the digital rupee operate beyond the purview of a payment instrument. In a speech to attendees of a financial conference, RBI Deputy Governor T Rabi Sankar disclosed that the central bank has several plans to trigger increased adoption of the CBDC.u23f8Sankar noted that a substantial strategy to achieve the one million daily transaction milestone is byu00a0integrating cross-border payment functionalities and ensuring the safety of user data.u23f8u201cWe will have to ensure how the anonymity of transactions under CBDC is maintained,u201d said Sankar.u23f8India officiallyu00a0beganu00a0its CBDC pilot at the tail-end of 2022, roping in several banks to assist in developing retail and wholesale versions. Within 60 days, the retail pilot had onboarded 50,000 users and 5,000 merchants, with the RBI saying it will adopt au00a0slow-and-steadyu00a0approach toward CBDC development.u23f8After crossing existing milestones, the RBI set a newu00a0targetu00a0of 1 million users before the end of June, in addition to the planned integration of the CBDC with the United Payments Interface (UPI) through QR codes.u23f8u201cWe want to assess the impact and learn as we go,u201d said Sankar. u201cBy the end of June, we are targeting one million CBDC users. We are also planning to make UPI Q code interoperable with the CBDC.u201du23f8At the moment, the retail pilot has 1.3 million customers and 300,000 merchants after seven months since its launch. While details ofu00a0transaction volumesu00a0are sparse, pundits posit that the new target of a million daily transactions may be the most challenging milestone placed by the RBI.u23f8To achieve the target, the central bank is expected to extend the pilot to more cities across India by adding new use cases across transportation and retail sectors. The retail pilot is spearheaded by eight Indian banks, including the State Bank of India, ICICI Bank, IDFC First Bank, Bank of Baroda, Kotak Mahindra Bank, Union Bank of India, HDFC Bank, and Yes Bank.u23f8Two dozen CBDCs expected to go live by 2030u23f8Given the pace of global CBDC development, the Bank for International Settlements (BIS) hasu00a0predictedu00a0that 24 central banks will launch digital versions of their national currencies before the end of the decade.u23f8According to the BIS report, up to 15 retail CBDCs are projected to be operational in the coming years, with the paper predicting nine wholesale CBDCs. Developing countries are seen to lead the push into CBDCs as they target improvedu00a0financial inclusion and domestic payment efficiency.u23f8China,u00a0Russia, andu00a0Indiau00a0are among the countries in pole position to launch CBDCs in the coming years, with their central banks exploring the possibilities of cross-border payments.u23f8To learn more aboutu00a0central bank digital currenciesu00a0and some of the design decisions that need to be considered when creating and launching it, readu00a0nChainu2019s CBDC playbook.u23f8Watch: Blockchain ticks all the boxes for Indiau2019s thriving e-commerce marketu23f8″,”metadata”:{“author”:”Wahid Pessarlay”},”pluginVersion”:”5.7.1″}; |
India’s banking regulator has expressed confidence that its central bank digital currency (CBDC) could record 1 million transactions each day before the end of the year.
The Reserve Bank of India (RBI) is keen on seeing the digital rupee operate beyond the purview of a payment instrument. In a speech to attendees of a financial conference, RBI Deputy Governor T Rabi Sankar disclosed that the central bank has several plans to trigger increased adoption of the CBDC.
Sankar noted that a substantial strategy to achieve the one million daily transaction milestone is by integrating cross-border payment functionalities and ensuring the safety of user data.
“We will have to ensure how the anonymity of transactions under CBDC is maintained,” said Sankar.
India officially began its CBDC pilot at the tail-end of 2022, roping in several banks to assist in developing retail and wholesale versions. Within 60 days, the retail pilot had onboarded 50,000 users and 5,000 merchants, with the RBI saying it will adopt a slow-and-steady approach toward CBDC development.
After crossing existing milestones, the RBI set a new target of 1 million users before the end of June, in addition to the planned integration of the CBDC with the United Payments Interface (UPI) through QR codes.
“We want to assess the impact and learn as we go,” said Sankar. “By the end of June, we are targeting one million CBDC users. We are also planning to make UPI Q code interoperable with the CBDC.”
At the moment, the retail pilot has 1.3 million customers and 300,000 merchants after seven months since its launch. While details of transaction volumes are sparse, pundits posit that the new target of a million daily transactions may be the most challenging milestone placed by the RBI.
To achieve the target, the central bank is expected to extend the pilot to more cities across India by adding new use cases across transportation and retail sectors. The retail pilot is spearheaded by eight Indian banks, including the State Bank of India, ICICI Bank, IDFC First Bank, Bank of Baroda, Kotak Mahindra Bank, Union Bank of India, HDFC Bank, and Yes Bank.
Two dozen CBDCs expected to go live by 2030
Given the pace of global CBDC development, the Bank for International Settlements (BIS) has predicted that 24 central banks will launch digital versions of their national currencies before the end of the decade.
According to the BIS report, up to 15 retail CBDCs are projected to be operational in the coming years, with the paper predicting nine wholesale CBDCs. Developing countries are seen to lead the push into CBDCs as they target improved financial inclusion and domestic payment efficiency.
China, Russia, and India are among the countries in pole position to launch CBDCs in the coming years, with their central banks exploring the possibilities of cross-border payments.
To learn more about central bank digital currencies and some of the design decisions that need to be considered when creating and launching it, read nChain’s CBDC playbook.
Watch: Blockchain ticks all the boxes for India’s thriving e-commerce market
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