Retail CBDC users likely to hit 50,000 by month-end
By MYBRANDBOOK
The Central Bank Digital Currency (CBDC-R or e₹-R) is accelerating at a rapid pace, with the number of retail users expected to touch 50,000 at the end of this month. The Reserve Bank of India (RBI) launched a pilot project for CBDC-R in December last year.
It is reported that since the launch of the pilot, around 16,000 users conducted transactions worth approximately Rs 64 lakh. The pilot on Digital Rupee -Wholesale (e₹-W) was launched in November, with the current average daily transaction of Rs 200 crore.
Eight banks are participating in the retail pilot project including State Bank of India, ICICI Bank, Yes Bank, IDFC First Bank. Bank of Baroda, Union Bank of India, HDFC Bank and Kotak Mahindra Bank. e₹-R is a form of fiat currency apart from paper and metal currency.
e₹-R is in the form of a digital token that represents legal tender. It offers features of physical cash like trust, safety and settlement finality. Like cash, the CBDC will not earn any interest and can be converted to other forms of money, like deposits with banks.
It is being issued in the same denominations as the paper currency and coins and being distributed through financial intermediaries, i.e., the banks. Users will be able to transact with e₹- R through a digital wallet offered by the participating banks. Transactions can be both Person to Person (P2P) and Person to Merchant (P2M).
In its concept note, RBI had said that for CBDC to play the role as a medium of exchange, it needs to incorporate all the features that physical currency represents including anonymity, universality, and finality. However, ensuring anonymity for a digital currency remains a challenge as all digital transactions leave trail. Thus, the degree of anonymity remains a key design decision for any CBDC.
BREAKING NEWS
TECHNO TRENDS
Nazara and ONDC set to transform in-game monetization with ‘
Nazara Technologies has teamed up with the Open Network for Digital Comme...
Jio Platforms and NICSI to offer cloud services to government
In a collaborative initiative, the National Informatics Centre Services In...
BSNL awards ₹5,000 Cr Project to RVNL-Led Consortium
A syndicate led by Rail Vikas Nigam Limited (abbreviated as RVNL), along wi...
Pinterest tracks users without consent, alleges complaint
A recent complaint alleges that Pinterest, the popular image-sharing platf...
E-Magazine
TECHNOTAINMENT
Netflix adds 'Moments' feature for saving, sharing scenes from
Netflix has introduced a new “Moments” feature on its mobile app, whic
Jacqueline Fernandez come together with YouTuber Mr. Beast for
Jacqueline Fernandez has partnered with American YouTuber Mr. Beast to b
MOVERS & SHAKERS
Visa elevates Rishi Chhabra as new Country Manager for India
Rishi holds a Master’s in Industrial Engineering from The Ohio State Univ
Genesys welcomes Albert Nel as Senior VP and Regional Sales Le
Genesys continues to deepen its investment in the APAC region. Earlier this
OPEN YOUR EYES
INTERVIEWS
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
Bolstering its commitment to help build a truly self-reliant B
CP PLUS is dedicated to spreading a sense of security to every corner of In
HOT PICK
SonicWall Launches TZ80: A Powerful Solution for Remote Office
SonicWall announced today the launch of the TZ80, a groundbreaking securit
Gigabyte X3D Turbo: A Gaming Revolution
GIGABYTE X3D Turbo Mode is a cutting-edge feature that unifies cores distr
MAKE IN INDIA BRANDS
HAVELLS INDIA LTD.
POLYCAB INDIA PVT. LTD
BEETEL TELETECH LTD.
EXATRON SERVERS MANUFACTURING PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
SHAKTIKANTA DAS
Shaktikanta Das is serving as the current & 25th governor of the Reser...
Icons Of India : NATARAJAN CHANDRASEKARAN
Natarajan Chandrasekaran (Chandra) is the Chairman of Tata Sons, the h...
ICONS OF INDIA : RAJESH NAMBIAR
Rajesh leads the company’s India associates and enhances relationshi...
PARTNER SPEAKERS
PSU
BSE - Bombay Stock Exchange
The Bombay Stock Exchange (BSE) is one of India’s largest and oldest...
HPCL - Hindustan Petroleum Corporation Ltd.
HPCL is an integrated oil and gas company involved in refining, market...
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - Aman Bhutani, CEO, GoDaddy
Aman Bhutani, the self-taught techie and CEO of GoDaddy, oversees a co...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
Indian Tech Talent Excelling The Tech World - JAY CHAUDHRY, CEO – Zscaler
Jay Chaudhry, an Indian-American technology entrepreneur, is the CEO a...
STARNITE AWARDS 2024
ITFORUM 2024
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
.jpg)
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
