The Reserve Bank of India (RBI) successfully achieved its goal of reaching one million daily transactions using its digital currency (CBDC) for everyday retail purposes by the close of 2023.
In his letter to the RBI team on December 29, Das mentioned that they had also made notable progress in the adoption of the e-rupee. Specifically, they surpassed the target of 1 million CBDC transactions in a single day on December 27, 2023.
Governor Das, in a letter to RBI employees, pointed out that the international recognition of the Unified Payments Interface (UPI) reflects its success. Regarding the economic situation, the governor acknowledged that the RBI managed to handle numerous challenges effectively in 2023.
According to a report in September 2023, daily transactions for this digital currency averaged only between 20,000 and 25,000 in July. To meet their goal of 1 million daily transactions, the government even incentivized users by giving them rewards on transactions. Information about individual retail digital currency transactions is not publicly accessible.
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