The Reserve Bank of India (RBI) progresses towards implementing the Digital Rupee, a central bank digital currency (CBDC), aiming to onboard one million users. RBI’s pilot program expands, promoting interoperability between CBDC QR codes and India’s Unified Payments Interface. Challenges like privacy and data security must be addressed to maintain trust.
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Expanding India’s CBDC Pilot: Innovation vs Potential Pitfalls in Digital Currency
The Reserve Bank of India (RBI) plans to expand its Central Bank Digital Currency (CBDC) pilot by increasing access points and participating banks, aiming to broaden the national digital currency’s scope and add more use cases throughout the year.