Report: India’s Central Bank Digital Currency (CBDC) activity sees sharp decline following artificial boost

Exciting News: India’s e-rupee digital currency is going through some changes as local banks have stopped boosting its numbers artificially!

India’s central bank digital currency (CBDC) has seen a significant drop in activity from its peak levels in December 2023, according to recent reports.

As per Reuters, the Reserve Bank of India (RBI) hit a milestone of 1 million retail transactions last year with some help from local banks offering perks to users and even paying some salaries with the e-rupee.

“However, now that the incentives have been removed, daily transactions have dropped to around 100,000. It’s clear that there is a lack of natural demand for the e-rupee.”

Sources from Reuters

Sources also mention that the RBI had urged banks to aim for at least 1 million transactions per day by the end of 2023 to test the system’s capabilities. With this push now halted, it raises uncertainties about the future of the RBI’s digital currency plans given the gap between inflated numbers and actual usage.

In a recent report, the Bank for International Settlements (BIS) revealed that only 12% of central banks are looking at issuing retail CBDCs in the near future. The focus seems to be shifting towards wholesale CBDCs, with possibilities of nine wholesale CBDCs circulating by the end of the decade to improve cross-border payments.

Central banks globally are eyeing wholesale CBDCs to boost cross-border transactions in both advanced and emerging economies.

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