{"id":130215,"date":"2025-05-29T11:16:19","date_gmt":"2025-05-29T11:16:19","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=130215"},"modified":"2025-05-29T11:16:19","modified_gmt":"2025-05-29T11:16:19","slug":"reserve-bank-of-india-to-roll-out-new-use-cases-for-digital-rupee","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=130215","title":{"rendered":"Reserve Bank of India to roll out new use cases for digital rupee"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe Reserve Bank of India (RBI) is set to broaden the reach of its digital rupee pilots by introducing new use cases and features for both its retail (e\u20b9-Retail) and wholesale (e\u20b9-Wholesale) central bank digital currencies (CBDCs), according to the central bank\u2019s Annual Report for 2024\u201325.<br \/>\nThe central bank said it aims to explore programmability and offline capabilities for the digital rupee \u2014 features that could increase its applicability in areas with limited internet access and tailor payments for specific use cases such as government subsidies or corporate spending controls.<br \/>\nCurrently, both versions of the CBDC are undergoing pilot testing. The e\u20b9-Retail pilot is being conducted with select customers and merchants through participating banks, while the e\u20b9-Wholesale pilot is targeting use in the interbank market.<br \/>\nPer the report, the e\u20b9-Retail pilot has reached 600,000 users across 17 banks. To further scale adoption, the RBI has allowed \u201ccertain non-banks [&#8230;] to offer CBDC wallets.\u201d<br \/>\nThe e\u20b9-Wholesale pilot has also seen increased institutional interest. \u201cThe scope of e\u20b9-Wholesale was further expanded and diversified with the addition of four standalone primary dealers (SPDs),\u201d the report confirmed.<br \/>\nRelated: Indian high court orders steps to block Proton Mail<br \/>\nIndia dominates real-time payments<br \/>\nDuring the financial year 2024\u20132025, digital payments in India experienced significant growth, both in terms of volume and value. According to the report, total digital payments recorded a growth of 34.8% in volume and 17.9% in value.<br \/>\nFurthermore, India dominated global real-time payments during the year. The RBI noted that the Unified Payments Interface (UPI) \u201cplaced India in a leadership position with a share of 48.5 percent in global real-time payments by volume.\u201d<br \/>\nThe central bank said several innovative features were introduced to extend the benefits of digital payments to wider segments of society.<br \/>\nFor instance, the report mentions that the \u201cDelegated Payments\u201d feature was rolled out, allowing \u201cindividuals (primary user) to allow another individual (secondary user) to make UPI transactions up to a limit from the primary user\u2019s bank account.\u201d<br \/>\nAn excerpt of the report. Source: RBIRelated: Indian town adopts Avalanche blockchain for tamper-proof land records<br \/>\nIndia\u2019s supreme court calls for crypto regulation<br \/>\nOn May 20, India\u2019s supreme court raised concerns over the government\u2019s inaction in regulating cryptocurrencies like Bitcoin, despite already imposing a 30% tax on them.<br \/>\nJustice Surya Kant criticized the existence of a \u201cparallel economy\u201d through digital assets, calling it a potential threat to the nation\u2019s financial system.<br \/>\nIn India, users\u00a0face a 30% tax on profits from crypto trading, which has been in effect since April 2022.<br \/>\nThough crypto firms operating in the country endure increasing regulatory oversight, India is\u00a0estimated to have more than 100 million digital asset holders out of its roughly 1.4 billion people.<br \/>\nMagazine: Move to Portugal to become a crypto digital nomad \u2014 Everybody else is<a href=\"https:\/\/cointelegraph.com\/news\/rbi-expands-digital-rupee-pilots-real-time-payments-growth?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe Reserve Bank of India (RBI) is set to broaden the reach of its digital rupee pilots by introducing new use cases and features for both its retail&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/130215"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=130215"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/130215\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=130215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=130215"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=130215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}