🗝️ℹ️ (Key Information)
CBDC Status: Launched
CBDC Launch: 2022-11-01
CBDC Model: Retail
CBDC Issued: n/a
Inflation Rate: 6.7%
One-Sentence Summary:
Digital rupee takes flight, as 🇮🇳 builds extensive CBDC network amid human rights concerns.
✅ In October and November 2022, the Reserve Bank of India (RBI) initiated pilot projects for wholesale and retail Central Bank Digital Currencies dubbed as "Digital Rupee".
✅ RBI's pilot project gained considerable traction with the estimated user count and merchant participation soaring to millions by 2024.
✅ The development of CBDC in 🇮🇳 began as early as 2017 with the RBI issuing reports emphasizing the value of CBDC and even proposing a cryptocurrency ban in parallel to launching CBDC.
✅ Indian finance minister, Nirmala Sitharaman, highlighted in February 2022 the economic efficiency CBDC brings.
✅ The RBI reported around 18,000 CBDC transactions daily in September 2023, targeting to boost this to a million by year-end, and in December, this goal was hit.
✅ Despite technological and scalability issues, the RBI continued to improve the CBDC system, exploring offline transactions and enhanced programmability in 2024.
✅ The RBI governor, Shri Shaktikanta Das, assured in March 2024 that they are not rushing the CBDC launch given the importance of the "safety, robustness, and integrity" of the digital currency.
✅ The CBDC initiative in 🇮🇳, however, raises concerns regarding human rights and civil liberties, with reports from Amnesty International and Freedom House indicating potential misuse of the CBDC to target and harass political opponents.
#CBDC #ReserveBankOfIndia #CentralBankDigitalCurrency #HumanRights #CivilLiberties #DigitalRupee
Curious to know how does the potential misuse of CBDC to stifle political dissent and violate human rights influence your opinion of such engagements? Will it change the way you interact with CBDCs or just part of the complex world of digital currencies?
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