Reserve

Bank

DeFi

Planet

<div class="intro-text">
 India’s central bank digital currency (CBDC), the e-rupee, is experiencing a significant decline in activity after local banks ceased efforts to artificially inflate its usage metrics, according to a<a style="color: #0000ff;" href="https://www.reuters.com/technology/india-digital-currency-transactions-slump-after-reaching-initial-cbank-target-2024-06-25/" rel="noopener noreferrer nofollow"> new report from Reuters</a>.
</div>
The Reserve Bank of India (RBI) launched the e-rupee pilot in December 2022 as a digital alternative to physical cash. By December 2023, the initiative had reached its target of 1 million retail transactions per day. However, sources told Reuters that daily transaction numbers have now fallen to about 100,000.
The news agency’s sources reveal that the million-transaction milestone was achieved only after banks were directed to boost transactions by offering incentives to retail users and paying part of their employees’ salaries in e-rupees. The RBI had instructed banks to reach this daily transaction target by the end of 2023 to test the system’s scalability and resilience.
With the end of this artificial boost, Reuters reports that the RBI is not planning an immediate expansion of the pilot program. Instead, according to one source, 
<blockquote>
 “Adoption is expected to grow as more use cases are established.” 
</blockquote>
The focus has shifted to further testing the technology and developing practical applications for the digital currency.
This report comes amid broader global trends in CBDC development. Earlier in June, the Bank for International Settlements (BIS)<a style="color: #0000ff;" href="https://defi-planet.com/2024/06/new-bis-report-central-banks-more-likely-to-issue-wholesale-cbdcs-ahead-of-retail-versions/" rel="noopener noreferrer nofollow"> revealed that most central banks globally are unlikely to issue retail versions of CBDCs</a> soon, with only 12% of respondents planning to do so.
The BIS survey suggested that the likelihood of launching a wholesale CBDC within the next six years now exceeds that of a retail version. It predicts that up to nine wholesale CBDCs could be in public circulation by the end of the decade.
According to the BIS findings, central banks remain interested in wholesale CBDCs primarily to enhance cross-border payments and to enable financial institutions to access new functionalities made possible by tokenization, such as composability and programmability.
&nbsp;
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/" rel="noopener noreferrer nofollow">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi" rel="noopener noreferrer nofollow">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/" rel="noopener noreferrer nofollow">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402" rel="noopener noreferrer nofollow">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/" rel="noopener noreferrer nofollow">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/" rel="noopener noreferrer nofollow">CoinMarketCap Community</a>.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
The post <a href="https://defi-planet.com/2024/06/indias-e-rupee-usage-plummets-as-banks-end-artificial-boost-reuters/" rel="noopener noreferrer nofollow">India’s e-Rupee Usage Plummets as Banks End Artificial Boost: Reuters</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

India’s e-Rupee Usage Plummets as Banks End Artificial Boost: Reuters

DeFi Planet

Inne artykuły opublikowane 25 cze 2024

Bitcoin Bounces Above $61k Following Yesterday’s Dip Below $59k

Solana Shoots Up While Larger Marketcap Bitcoin, Ethereum Drop — What Is The Possible Reason?

Bitcoin Influences Crypto Market Upswing

Key Trends For Altcoins in Current Market Cycle

The Next Big Thing in Crypto: Top 4 Altcoins

SHIB, ADA, SOL Poised for Epic Rebound If This Indicator Is Validated

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!