The Reserve Bank of India (RBI) has promised a particular CBDC in 2022. Unfortunately, the number of e-rupee transactions is only 25,000 per day. An unappealing figure for a rather ambitious RBI: it is actually aiming for 1 million transactions daily. To do this, she decided to establish a seduction plan of users including a whole host of promotions.
CBDC snubbed by pro-crypto Indians?
In October 2022, the RBI promised Indians a unique central bank digital currency (MNBC) of a private type, that is to say different from classic cryptos. First, it will come in two forms (wholesale and retail) and it will be entirely issued by the Central Bank of India.
A year later, the RBI has made relative progress in its project for a currency capable of competing with cryptocurrencies. Except that there is a downside: thelack of mass adoption.
“ The Reserve Bank of India offers retail user incentives to use e-rupee CBDC to encourage low usage. »
According to mintthe Bank of India, supported by primary banks like Yes Bank and IDFC First Bank, will do everything to encourage the local population to use the digital rupee.
To do this, these institutions will offer many benefits to detail users making e-rupee transfers. Among others, there will be:
- cashback;
- rewards points;
- etc.
The financing of these offers will fall to the primary partner banks. For Parag Rao, the banking institution in which he works has already signed up to this RBI plan. In this way, e-rupee transactions will increase as rewards are awarded.
India, crypto or CBDC?
India, currently at the head of the G20, continues to urge its peers to regulate cryptocurrencies. Instead a legal framework to promote the use of these digital assets what a ban? In any case, the Ministry of Finance of the country of the Maharajas recently proposed 5 very distinct measures to ensure a bright future for the crypto sector.
Certainly, the RBI only has eyes for its CBDC. Moreover, she has just launched a pilot project of wholesale digital rupee, knowing that it also lacks appeal like its retail version.
Why has the e-rupee not seen than 5.7 crore transactionsor 57 million rupees or 68,400 dollars, after its launch in November 2022?
Either Indians do not want to abandon fiat currency or they have flocked to cryptocurrencies. This second hypothesis can indeed hold water knowing that India currently occupies first place in terms of adoption of cryptos.
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