Trends Report

Learn From India’s CBDC Pilot As The Country Prepares For The Digital Rupee

August 4th, 2023
Pushpa Marwal, Analyst
Pushpa Marwal Analyst
With contributors:
Oliwia Berdak , Ashutosh Sharma , Martha Bennett , Aadya Gupta , Kara Hartig

Summary

Central banks worldwide are exploring digital currencies to overcome challenges associated with physical currency and respond to the rising popularity of cryptocurrencies and stablecoins. With the Reserve Bank of India (RBI) piloting both wholesale and retail central bank digital currency (CBDC), India has become one of the front-runners among major economies in embracing digital currency. This report focuses specifically on India’s retail CBDC, providing insights into adoption drivers, potential challenges, and best practices for the successful implementation and integration of India’s digital rupee in the financial ecosystem.

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