Indian banks disbursed some employee benefits through the digital rupee in December, helping the Reserve Bank of India meet its target of one million daily transactions by end-2023, three sources directly familiar with the development said. The central bank digital currency (CBDC), called the e-rupee, has been devised as a digital alternative to physical cash … Read more
The Reserve Bank of India (RBI) is looking to adopt offline strategies to ensure that the eRupee CBDC enters the financial system of rural and remote parts of India. RBI governor Shaktikanta Das reportedly stated that the central bank plans to experiment with offline solutions to drive the adoption of CBDC in those parts of … Read more
eRupee, the Indian central bank digital currency (CBDC), was reportedly used to process transactions worth Rs. 5.70 crore in the first four months since it entered the retail trials phase. The information was disclosed by the Reserve Bank of India (RBI) as it responded to an RTI query initiated by Moneycontrol. The RBI launched eRupee … Read more
India’s eRupee CBDC, that is presently in its advanced trial period, is reportedly facing decline in terms of its usage. Citing sources familiar with the matter, a Reuters report has claimed that CBDC transactions that had hit the mark of one million transactions per day in December 2023, has dropped to just around 100,000 daily … Read more
Dubai-based ByBit crypto exchange has announced the integration of the eRupee CBDC with its peer-to-peer (P2P) transaction service. In an official statement, the exchange said it has received multiple requests from Indian merchants urging support for eRupee transactions. Since the eRupee is India’s RBI-issued digital currency, the merchants dealing in INR believe that processing digital … Read more
GooglePay, Walmart-backed PhonePe and AmazonPay are among five payment firms seeking to join the Indian central bank’s digital currency pilot by offering transactions via the eRupee, three sources directly involved in the discussions said. Indian fintech firms Cred and Mobikwik are the other two that have applied to join the eRupee pilot, the sources added. … Read more
India’s digital Rupee, or eRupee central bank digital currency (CBDC), is presently in the advanced phases of its trials facilitated by 16 national banks. The eRupee has managed to amass five million users in its pilot stage, RBI Governor Shaktikanta Das claimed Monday. Das was speaking at a conference in Bengaluru when he said that … Read more
Hong Kong is actively accelerating efforts to give its fiat currency, the Hong Kong Dollar (HKD), a blockchain revamp. The special administrative region (SAR) of China has launched its e-HKD central bank digital currency (CBDC) into the second elaborate phase of trials. Following the footsteps of the Reserve Bank of India, the authorities in Hong … Read more
The Reserve Bank of India (RBI), that is spearheading the creation and testing of the eRupee CBDC, is aiming to fasten the time it takes for financial settlements to be completed. In a recent keynote address at the RBI@91 high-level conference in New Delhi on October 14, RBI Governor Shaktikanta Das highlighted that India is … Read more
The Reserve Bank of India (RBI) is working with multiple national lenders on advanced trials of the eRupee central bank digital currency (CBDC). Despite recent advancements in the area, the central bank is no rush to roll out its CBDC to users in the country. The situation was addressed in Philippines by RBI deputy governor … Read more