ChainCatcher message, the outgoing Governor of the Reserve Bank of India, Shaktikanta Das, expects that the digital rupee will fundamentally change the Indian economy and emphasizes the gradual adoption of CBDC.In his farewell speech on December 10, Das discussed India's progress in the development of CBDC, noting that many central banks around the world are still in the preliminary discussion and experimentation stages. He stated, "Among central banks, the Reserve Bank of India is a pioneer, as it remains one of the few central banks to have launched a CBDC pilot project."

ChainCatcher news, the Indian government is weighing a ban on private cryptocurrencies like Bitcoin while actively promoting the adoption of Central Bank Digital Currency (CBDC). According to the Hindustan Times, Indian regulators are inclined to implement a cryptocurrency ban after consulting with several key institutions.Reports indicate that India's attitude towards cryptocurrencies has undergone several reversals. In 2018, the RBI banned banks from processing cryptocurrency transactions, which was overturned by the Supreme Court in 2020. In November 2023, RBI Governor Shaktikanta Das emphasized the potential risks of cryptocurrencies to the Indian economy, supporting CBDC as a safer alternative.

ChainCatcher news, the Reserve Bank of India (RBI) revealed that as of June, there are 5 million digital rupee users and 420,000 merchants participating in the retail Central Bank Digital Currency (CBDC) pilot. The RBI emphasized that the digital rupee aims to complement cash and existing payment systems, serving both wholesale and retail sectors.

ChainCatcher news, according to Reuters citing informed sources, the Reserve Bank of India (RBI) is working with lending institutions to launch new features to promote the central bank's CBDC digital rupee. These features include allowing customers to conduct digital rupee transactions offline and linking the digital rupee with India's Unified Payments Interface (UPI). UPI is an instant real-time payment system that allows users to transfer money between multiple banks without revealing bank account details.The Reserve Bank of India has been urging banks to enable interoperability of the digital rupee with UPI through QR codes. Informed sources say that private lender HDFC Bank is collaborating with technology company IDEMIA to build an offline CBDC transaction version for feature phones.Currently, India's CBDC retail transaction volume averages nearly 18,000 transactions per day, far below the Reserve Bank of India's target of achieving 1 million transactions per day by the end of 2023.

ChainCatcher news, according to Techcrunch, the Reserve Bank of India announced that it will conduct its first retail digital currency pilot on December 1, and expand the testing scope a month later to assess the functionality and application of digital currency in the South Asian market. Four local banks (State Bank of India, ICICI Bank, Yes Bank, and IDFC) will participate in the initial phase of the pilot in four cities (Mumbai, New Delhi, Bangalore, and Bhubaneswar).It is reported that the Reserve Bank of India stated that the e-rupee will provide "the characteristics of physical cash, such as trust, security, and finality of settlement," and added that it will not earn any interest and can be converted into other forms of currency, including bank deposits. Banks will distribute the e-rupee through digital wallets on mobile phones. Person-to-person transactions and payments to merchants are both possible. (Techcrunch)

Chain Catcher News, the Reserve Bank of India (RBI) recently released a report titled "Concept Note on Central Bank Digital Currency," which discusses several key issues such as technology and design choices, issuance mechanisms, privacy concerns, and the impact of introducing CBDC on the banking system, monetary policy, and financial stability.The RBI stated that it will soon launch a partial pilot for the country's digital currency (digital rupee) targeting specific use cases, testing multiple technological options, and determining the final architecture based on the results. (Source link)