CBDC transactions - RBI Reach 1+ million transactions

RBI meets target as December 27 saw more than 1 million CBDC transactions

RBI Digital Currency

The Reserve Bank of India (RBI) has its own digital currency called the Central Bank Digital Currency or CBDC. It’s a bit like an online version of cash.

The RBI had set a target to reach 1 million CBDC transactions in a day by the end of 2022. CBDC transactions mean payments people make using this digital cash.  

On December 27th, over 1 million CBDC transactions happened in India! So the RBI was able to meet its goal on time.

Reaching this target means more and more people in India are comfortable using digital cash instead of only physical cash. Going ahead, the RBI wants to make CBDC payments easier and more popular across India.

The Important points in simple words are:

– RBI has a digital currency called CBDC that’s like online cash

– RBI wanted 1 million CBDC transactions in a day before 2022 ended  

– On December 27 over 1 million Indians used CBDC for payments

– So RBI was able to meet its CBDC transaction target on time

– RBI now wants to make digital cash more popular countrywide

Let Us know if you need any clarification or have additional questions!

Source:-Money Control

 

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