digital rupee

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RBI Report Highlights India’s Central Bank Digital Currency Development

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India’s central bank, the Reserve Bank of India (RBI), published its August bulletin on Monday. The report discusses several aspects of central bank digital currency (CBDC) and its implications. The RBI is actively involved in developing CBDC initiatives to enhance cross-border payments, improve financial inclusion, and mitigate risks posed by private digital instruments. The RBI’s … Read more

Google Pay, Amazon Pay, Walmart-Backed Phonepe Eye Entry Into RBI’s Digital Rupee Program

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Google Pay, Amazon Pay, and Walmart-backed Phonepe are reportedly seeking to join India’s central bank digital currency (CBDC) initiative led by the Reserve Bank of India (RBI). Other fintech firms like Cred and Mobikwik are also seeking participation. These companies aim to facilitate transactions through the e-rupee. The initiative aims to boost transaction volumes by … Read more

India’s Digital Rupee Surpasses 5 Million Users, RBI Discloses

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India’s central bank, the Reserve Bank of India (RBI), has revealed that as of June, there were five million digital rupee users and 420,000 merchants participating in the retail central bank digital currency (CBDC) pilot. The RBI emphasized that the digital rupee is designed to complement cash and existing payment systems, serving both wholesale and … Read more

Bybit Launches Digital Rupee for Secure INR Payments

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The crypto exchange Bybit has introduced a digital rupee (eRupee) as a new payment method for Indian rupee transactions. The launch aims to provide a secure alternative for INR users on its platform. Bybit Aims to Enhance INR Payments With Launch of Digital Rupee Bybit, a digital currency trading platform, announced the introduction of the … Read more

India’s Digital Rupee Usage Drops Drastically After Initial Surge

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India’s central bank digital currency (CBDC), the digital rupee, has experienced a significant decline in usage, decreasing to a tenth of its peak in December 2023, according to sources involved in the pilot project. The Reserve Bank of India (RBI) initially reached 1 million daily retail transactions with the digital rupee by incentivizing banks and … Read more

India Working on Offline Transferability of Digital Rupee, Says Central Bank Governor

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India’s central bank, the Reserve Bank of India (RBI), is in the process of making its central bank digital currency (CBDC) available without relying on internet access. RBI Governor Shaktikanta Das has emphasized the importance of ensuring the digital rupee’s ease of use. RBI Governor Updates Digital Rupee Progress During an event hosted by the … Read more

India’s Digital Rupee Expands: Non-Banks to Offer Central Bank Digital Currency Wallets

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India’s central bank has announced that it will enable non-bank payment system operators to offer central bank digital currency (CBDC) wallets. Noting that “necessary changes will be made to the system to facilitate this,” the Reserve Bank of India (RBI) said the initiative is expected “to enhance access and expand choices available to users.” Non-Bank … Read more

India, UAE Collaborate to Boost Cross-Border Central Bank Digital Currency Transactions

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India’s central bank, the Reserve Bank of India (RBI), and the Central Bank of the United Arab Emirates (UAE) have agreed to collaborate on cross-border central bank digital currency (CBDC) transactions of remittances and trade. The initiative is “expected to reduce costs, increase efficiency of cross border transactions and further the economic ties between India … Read more

India’s Central Bank Digital Currency Will Act as Alternative to Cryptocurrency, Says RBI Official

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An official of India’s central bank, the Reserve Bank of India (RBI), says that the country’s central bank digital currency (CBDC) will act as an alternative to cryptocurrency. He stressed that the digital rupee must possess all the attributes of physical currency, including anonymity. India’s CBDC Update Reserve Bank of India (RBI) Executive Director Ajay … Read more