Unpacking India's CBDC pilots as country prepares for digital rupee
02/08 03:52
According to CoinDesk, India wants to launch its central bank digital currency at a national level by the end of 2023, but early into its pilot, the Reserve Bank of India has identified challenges, several people familiar with the matter said.
India launched two CBDC pilots last year. The first, a wholesale CBDC effort (CBDC-W), began on Nov. 1 with the participation of nine banks. The other, a retail CBDC (CBDC-R) pilot, launched on Dec. 1 in four cities – Mumbai, New Delhi, Bengaluru and Bhubaneswar. Initially, four banks, including the State Bank of India, ICICI Bank, Yes Bank and IDFC First Bank participated.
It has "now been extended to 15 cities with Chandigarh as the newest addition," a senior official told CoinDesk. "More than 50,000 customers and 10,000 small and big merchants have been onboarded now," including Reliance Retail, the nation's largest retail chain.
The CBDC-R is meant for the private sector and Indian citizens. The wholesale CBDCs are restricted to financial institutions and are meant to improve the efficiency of interbank payments. While the government told parliament India will issue a CBDC-R within the financial year 2022-23, it’s not completely clear when it will be implemented.
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