Launched in 5 cities through eight banks, the retail e-rupee experiment will add 9 cities and five banks in the next phase.
India’s retail CBDC pilot, launched on December 1, has onboarded 50,000 users and 5,000 merchants. In the two-month period, 0.77 million e-rupee transactions were carried out, the Reserve Bank of India said.
Right now, digital rupee transactions are available in a closed group of banks, cities, and merchants.“We want the process to happen, but we want the process to happen gradually and slowly. We are in no hurry to make something happen so quickly,” T Rabi Sankar, Deputy Governor of RBI, said at post-policy press conference early this week.
RBI’s approach to cryptocurrencies has been overly dismissive, and its plans for the introduction of CBDC are extremely cautious. After 50,000 users, the bank has stopped onboarding new users for the moment. In the next phase, five more banks and nine more cities would be involved in the ongoing e-rupee pilot.
It’s intended to ease interbank settlements in the security market by taking out the role of settlement guarantee and clearing house. The e-rupee comes with an in-built guarantee from the central bank. However, bankers find it tedious to provide e-rupee settlements for every trade instead of sending batches of settlements by netting a group of trades in the existing clearing house system.
On a different note, during a conference at the annual shareholders’ meeting last month, Alfred Kelly, CEO of digital payments company Visa,
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