India's digital rupee adoption plummets after central bank incentives end
According to sources involved in the pilot project, the usage of India's central bank digital currency (CBDC) digital rupee has dropped significantly, to one-tenth of the peak in December 2023. The Reserve Bank of India (RBI) initially incentivized banks and distributed a portion of salaries in digital currency to achieve a daily retail transaction volume of 1 million transactions for the digital rupee. However, after these incentives ended, the daily transaction volume dropped to around 100,000, indicating a lack of organic demand. The central bank is currently focused on testing technology and developing use cases, with no immediate plans for rapid expansion.
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