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India announced a pilot for its own central bank digital currency (CBDC), the 'Digital Rupee', with over a million users registered. CBDCs are seen as transformative catalysts that improve financial inclusion and security
Last week I testified in the U.S. House regarding the implications of a central bank digital currency. The hearing underscored that the U.S. does not need a CBDC.
Credit and Debit Card Controls Could Pave the Way for CBDCs.
In 2022, the RBI floated digital Rupee, India’s very own CBDC, and an electronic form of sovereign currency.
The Reserve Bank of India (RBI) is collaborating with lenders to enhance the popularity of its central bank digital currency (CBDC), the e-rupee. Features being considered include enabling digital rupee transactions offline and linking the e-rupee to India's Unified Payments Interface (UPI). The RBI has urged banks to make the e-rupee interoperable with UPI through a QR code.