India has taken a cautious approach to introducing a CBDC, while local authorities have also refused to regulate crypto transactions.
India is continuing its exploration of a central bank digital currency (CBDC), but it is not in a hurry to implement one, according to Central Bank Governor Shri Shaktikanta Das.
Since launching the digital rupee pilots in late 2022, India has amassed five million retail CBDC users and 16 banks, Das claimed in an inaugural address at the RBI Global Conference devoted to digital public infrastructure and emerging technologies on Aug. 26.
The Reserve Bank of India governor mentioned that India’s CBDC pilots included both retail and wholesale segments, with the retail pilot starting with the initial use case of payments. According to Das, India is currently testing both the offline and offline and programmability functionalities of its retail CBDC.
