India is aiming to reach 1 million CBDC users by July 2023.

India is aiming to reach 1 million CBDC users by July 2023.

India aims to increase its proprietary CBDC user base to one million users in the following three months amidst the expanding cryptocurrency market.

When India launched its own self-developed Central Bank Digital Currency (CBDC) pilot in December 2022, the country saw incredible customer interest in its move to create its own cryptocurrency.

Since it was first launched, the retail CBDC pilot has seen participation from over 100,000 users. The Reserve Bank of India (RBI) has previously stated that it hopes to reach 500,000 customers by July 2023. However, according to a secret source, India aims to surpass the 1 million user mark and double its customer base in the next three months.

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Around 15 cities in the nation are participating in the RBI-sponsored Retail Central Bank Digital Currency (CBDC-R) pilot, which is supported by 13 banks, including IDFC Bank, Kotak Bank, HDFC Bank, and others.

Before the digital rupee reaches the milestone of one million users, the CBDC developers therefore intend to offer an offline version.

Shaktikanta Das, governor of the Reserve Bank of India, reported that the Group of 20 (G20) meeting that India hosted in Bangalore seemed to be centered around the Indian digital rupee.

Compiled by Coinbold