Retail CBDC worth INR 2.73 crore in circulation as on Feb 3: RBI

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The Reserve Bank of India (RBI) has reported that as of February 3, 2023, a retail central bank digital currency (CBDC) worth INR 2.73 crore (approximately USD 360,000) is in circulation in India. This marks a significant milestone in India’s journey towards a digital economy, as the country continues to explore the potential of CBDCs to enhance financial inclusion and promote cashless transactions.

The RBI’s retail CBDC is a digital version of the Indian rupee that is issued and backed by the central bank. It is designed to be used by individuals and businesses for everyday transactions, such as buying groceries, paying bills, and sending money to family and friends. The CBDC is stored in a digital wallet that is linked to a user’s mobile phone number, allowing for easy and secure access to funds.

The launch of the retail CBDC in India is part of a broader trend of central banks around the world exploring the potential of digital currencies. While traditional currencies are issued in physical form, CBDCs are entirely digital and offer a range of benefits, such as faster and cheaper transactions, improved transparency and security, and greater financial inclusion.

The RBI has been working on the development of the retail CBDC for several years, conducting extensive research and engaging with stakeholders to understand the potential benefits and risks of digital currencies. The launch of the CBDC in February 2023 represents a significant milestone in this process and paves the way for wider adoption of digital currencies in India.

The RBI has stated that the CBDC is currently being used by a small number of individuals and businesses in select pilot programs, and that further testing and refinement will be required before it is rolled out on a wider scale. However, the central bank is confident that the CBDC has the potential to transform the way Indians conduct their financial transactions and is committed to ensuring that the currency is safe, secure, and accessible to all.

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Retail CBDC worth INR 2.73 crore in circulation as on Feb 3: RBI

The Reserve Bank of India (RBI) has reported that as of February 3, 2023, a retail central bank digital currency (CBDC) worth INR 2.73 crore (approximately USD 360,000) is in circulation in India. This marks a significant milestone in India’s journey towards a digital economy, as the country continues to explore the potential of CBDCs to enhance financial inclusion and promote cashless transactions.

The RBI’s retail CBDC is a digital version of the Indian rupee that is issued and backed by the central bank. It is designed to be used by individuals and businesses for everyday transactions, such as buying groceries, paying bills, and sending money to family and friends. The CBDC is stored in a digital wallet that is linked to a user’s mobile phone number, allowing for easy and secure access to funds.

The launch of the retail CBDC in India is part of a broader trend of central banks around the world exploring the potential of digital currencies. While traditional currencies are issued in physical form, CBDCs are entirely digital and offer a range of benefits, such as faster and cheaper transactions, improved transparency and security, and greater financial inclusion.

The RBI has been working on the development of the retail CBDC for several years, conducting extensive research and engaging with stakeholders to understand the potential benefits and risks of digital currencies. The launch of the CBDC in February 2023 represents a significant milestone in this process and paves the way for wider adoption of digital currencies in India.

The RBI has stated that the CBDC is currently being used by a small number of individuals and businesses in select pilot programs, and that further testing and refinement will be required before it is rolled out on a wider scale. However, the central bank is confident that the CBDC has the potential to transform the way Indians conduct their financial transactions and is committed to ensuring that the currency is safe, secure, and accessible to all.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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