With the publication of its annual report, the Reserve Bank of India (RBI) gave an update on its digital rupee work, saying the results for the central bank digital currency (CBDC) pilots were satisfactory. So far, there is less than $1 million in circulation for the retail CBDC. It plans to expand the locations, the number of banks involved, and the use cases.
At the start of November 2022, it launched a wholesale CBDC pilot for government bond settlement, and at the end of that month, it unveiled a retail CBDC pilot.
The wholesale pilot still involves the same nine banks and use case, with the wholesale CBDC in circulation standing at a relatively modest INR 100.39 million ($1.2 million). The figure for retail CBDC is even smaller at INR 50.7 million ($600,000) at the end of March. According to a previous update in February, 50,000 consumers were involved in the pilot.
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