Local reports indicate the Reserve Bank of India is looking for ways to address the lack of interest in the central bank digital currency (CBDC). Additionally, yesterday IndusInd Bank said it has executed the first programmable digital rupee pilot.
So far fifty farmers in Maharashtra have received payment with the programmable CBDC in return for recycling agricultural waste and hence generating Circularity Credits, a type of carbon credit. The plan is to expand the pilot to 1000 farmers. The programmable aspect is the funds carry restrictions regarding how they’re spent.
Circularity Innovation Hub (CIH) was the sponsoring agency, and it collaborated with blockchain firm Emertech Innovations. The latter provides traceability regarding the generation of revenues from Circularity Credits, as well as its disbursement. Hindustan Agro and Jackfruit King Company led farmer engagement.
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