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    <h4 class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8"><strong>Shri Shaktikanta Das, Governor of the Reserve Bank of India (RBI), highlighted this approach during his inaugural address.</strong></h4> 
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     The address took place at the RBI Global Conference on Digital Public Infrastructure and emerging technologies on August 26th.
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<h5><strong>India’s CBDC Pilot: 5 Million Users and a Cautious Path Forward</strong></h5> 
<p>Since the <a href="https://economictimes.indiatimes.com/news/economy/policy/rbi-in-final-stages-of-retail-cbdc-pilot-rollout/articleshow/95598347.cms?from=mdr" target="_blank" rel="noopener">launch</a> of digital rupee pilots in late 2022, India has seen notable progress. The country has 5 million retail CBDC users and enlisting 16 banks in the initiative. The RBI’s CBDC pilots encompass both retail and wholesale segments, with the retail pilot initially focused on payments. According to <a href="https://rbi.org.in/Scripts/BS_SpeechesView.aspx?Id=1456" target="_blank" rel="noopener">Das</a>, India is currently testing both offline and programmability functionalities of its retail CBDC. This is crucial for ensuring a robust and versatile digital currency.</p> 
<p><img decoding="async" class="wp-image-149041 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vxcvxcxvcdsfdfssdf-283x300.jpg" alt="" width="491" height="520" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vxcvxcxvcdsfdfssdf-283x300.jpg 283w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/vxcvxcxvcdsfdfssdf.jpg 392w" sizes="(max-width: 491px) 100vw, 491px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/coindanslecoin/status/1828057514954399755" target="_blank" rel="noopener">X</a></strong></h6> 
<p>Das emphasized that while India is committed to exploring CBDC’s potential, there is no need to rush the process. He pointed out that a comprehensive understanding of the CBDC’s impact on users, monetary policy, the financial system, and the broader economy is essential before any full-scale implementation. “Such understanding would emerge from the generation of user data in pilots. The actual introduction of CBDC can be phased in gradually,” Das stated, underscoring the importance of a cautious and informed approach.</p> 
<h5><strong>More About India’s CBDC</strong></h5> 
<p>The RBI governor expressed confidence in CBDC’s potential to revolutionize payment systems, both domestically and internationally. One example he provided was the programmability feature of <a href="https://www.altcoinbuzz.io/?s=CBDC" target="_blank" rel="noopener">CBDC</a>, which could ensure the delivery of funds to targeted users. For instance, tenant farmers, who often struggle to access agricultural credit due to the lack of land titles, could benefit from CBDC’s ability to establish identity and generate carbon credits, thereby improving their access to essential financial services.</p> 
<h6 style="text-align: center;"><img decoding="async" class="wp-image-149042 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xvcfdgfgdfdgses-300x288.jpg" alt="" width="502" height="482" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xvcfdgfgdfdgses-300x288.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/08/xvcfdgfgdfdgses.jpg 392w" sizes="(max-width: 502px) 100vw, 502px"><strong>Source: <a href="https://x.com/SimplyBitcoinTV/status/1722518093317238891" target="_blank" rel="noopener">X</a></strong></h6> 
<p>In addition to programmability, Das mentioned other potential features of CBDC, such as anonymity and offline availability, which are proposed to be introduced gradually. These features are seen as critical in making the digital rupee more accessible and versatile, especially in regions with limited internet connectivity.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/indias-cbdc-surpasses-5-million-users-amid-cautious-rollout/">India’s CBDC Surpasses 5 Million Users Amid Cautious Rollout</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

India’s CBDC Surpasses 5 Million Users Amid Cautious Rollout

Altcoin Buzz

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