The RBI reported on Wednesday that the recently launched retail central bank digital currency (CBDC) pilot has 50,000 customers and 5,000 businesses. “We want the process to move forward, but we want it to do so gently. We don’t need something to happen so rapidly, “At the press conference following the announcement of the policy, Deputy Governor T. Rabi Sankar stated.
“We have user and merchant goals that we are working towards. We’ll move carefully “he continued.
The RBI always wants to be in a position where it can handle the repercussions, according to Sankar, and does not want to find itself in a situation where it acts without fully knowing the possible consequences.
Eight banks are currently used for transactions by 50,000 consumers and 5,000 merchants, and another five lenders are expected to sign up soon, according to him.
According to him, the trial project, which launched on December 1 and is now being used in five cities, has seen 7.70 lakh transactions.
Sankar stated that there are plans to gradually add nine additional cities to the list. India is one among the select few of the 100 countries considering using digital fiat money known as CBDCs. The RBI began the wholesale CBDC pilot programme last year before beginning the retail CBDC programme
