Amid the growing cryptocurrency market, India is aiming to expand its proprietary CBDC user base to one million users in the next three months.
India’s move towards establishing its own cryptocurrency saw incredible customer interest when the country launched its own self-developed Central Bank Digital Currency (CBDC) pilot in December 2022.
Over 100,000 users have participated in the retail CBDC pilot since its launch. While the Reserve Bank of India (RBI) once highlighted its target of 500,000 customers by July 2023. But as per hidden source, India is looking to achieve a milestone of nearly 1 million users, a 2X customer base in the coming three months.
The RBI-backed Retail Central Bank Digital Currency (CBDC-R) pilot is available in around 15 cities in the country with customer support from 13 banks including IDFC Bank, Kotak Bank, HDFC Bank, and many more.
Thus, the CBDC developers aim to provide an offline version before the digital rupee drives toward the milestone of one million users.
According to Reserve Bank of India Governor Shaktikanta Das, the Indian digital rupee appeared to be the main topic of a conference among the Group of 20 (G20) hosted by India in Bangalore.
Also read: Crypto Users in India Set to Reach 156 Million in 2023
