- Ambitious target of 1 million users
- Focus on offline transactions
- Private firms aiding scalability
A recent report reveals that India’s digital rupee, also known as the retail central bank digital currency (CBDC-R), aims to expand its user base to an impressive one million users and develop an offline version. This news comes as the Reserve Bank of India (RBI) actively works on broadening the retail CBDC pilot program throughout the nation.
Despite initial public announcements of a goal to reach 500,000 users by July, insiders reveal that RBI is privately aiming to achieve double that number. With India having the world’s largest population, insiders are confident that reaching the one million user milestone is feasible within three months.
The retail CBDC pilot program is currently active in at least 15 cities across India, with more than 13 banks participating. Since its launch on December 1, 2022, the program has attracted over 100,000 customers. As of March 24, 2023, more than 50 proposals have been submitted to the RBI to address the challenge of enabling offline transactions.
In an effort to enhance scalability, the RBI has been engaging with private companies, although no formal partnership with any prominent blockchain-related entities has been established yet. This collaboration could potentially lead to innovative solutions that would propel the digital rupee into the global cryptocurrency arena.
While the RBI has not disclosed an official timeline for the full-scale roll-out of the retail CBDC, previous indications suggest it could be aiming for the end of the year. With its ambitious user base target and focus on overcoming offline transaction hurdles, the digital rupee may well be poised to challenge leading cryptocurrencies like Bitcoin.
In other news, by canceling its derivatives license, the Australian Securities and Investments Commission (ASIC) has given a huge blow to Binance Australia, the local branch of the world’s largest cryptocurrency exchange. Binance Australia must now liquidate all open futures positions for its clients by April 21, adding to the company’s global regulatory troubles.
