The Reserve Bank of India (RBI) has begun the wholesale pilot of the central bank digital currency (CBDC) in the call money market, said a senior official on Thursday.
“It (the wholesale pilot of CBDC) has started, but volumes are not pretty well, as it is a test of the system, accounting and multiple things, and the pilot is to test all those things,” said Ajay Kumar Choudhary, executive director, RBI, on the sidelines of an Assocham event.
Talking about the growth in transactions of CBDC in the retail segment, Choudhary said the transactions are averaging about 18,000-20,000 per day at present, but exuded confidence that they will grow in the next few months to achieve the target of 1 million a day by December.
He said the upcoming festival season will help increase the number of transactions.