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.
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