Rediff.com« Back to articlePrint this article

Digital currency has 50K users, 5K merchants: RBI

February 08, 2023 17:33 IST

The recently launched retail central bank digital currency (CBDC) pilot has 50,000 users and 5,000 merchants, the RBI said on Wednesday.

Digital currency

Illustration: Dominic Xavier/Rediff.com

"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," Deputy Governor T Rabi Sankar said at the post-policy press conference in Mumbai.

 

"We have our targets in terms of users, in terms of merchants. We will go slowly," he added.

The RBI does not want to end up in a situation where it does something without actually understanding the likely impact or would always be desiring to be in a position where it can manage the fallout, Sankar said.

He said 50,000 users and 5,000 merchants are transacting through eight banks at present, and another five lenders are set to join soon.

The pilot project started on December 1 has witnessed 7.70 lakh transactions, and is now being carried out in five cities, he said.

There are plans to add nine more cities to the list, Sankar said, reiterating that the same will be gradual.

India is among the few nations in 100 countries mulling to introduce digital versions of fiat currencies called the CBDCs.

Before the retail CBDC, the RBI had started the wholesale CBDC pilot last year.

© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.