The Reserve Bank of India is reportedly seeking legislation to allow retail CBDC consumers to delete transactions from the network to maintain user anonymity.
The insider related to the matter disclosed information about RBI’s CBDC program. Its retail and wholesale segments are currently undergoing pilot testing. The CBDC in the retail segment also known as digital Rupee-Retail (e₹-R) is testing within a closed user group (CUG) comprising participating customers and merchants in at least 15 cities.
The person said, “The latest numbers show that more than 100,000 customers and 13 banks are participating in the pilot now”.
If we believe the source, then the Indian Finance Minister may purpose legislation in the parliament for the RBI to empower consumers with transaction deleting rights.
While rapidly growing economies like India are gearing up to embrace the potential of CBDC, some states in the U.S. are imposing a ban on CBDC citing privacy concerns.
Recently, the U.S. state of Florida governor introduced legislation to ban the CBDC in the state to protect consumers and businesses from a federally controlled CBDC.
Also Read: RBI Signs MoU With Central Bank of UAE to Promote CBDC
