India’s Central Bank Digital Currency has 1.5 Million Users, जानिए क्या है CBDC और आप कैसे invest कर सकते हैं

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At this year’s Global Fintech Fest in Mumbai, Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), provided an update on the central bank’s digital currency pilot. The RBI initiated its digital rupee pilot for the wholesale segment in November last year, followed by a retail segment pilot in December.

Das disclosed that the central bank’s digital currency trial has reached approximately 1.46 million users and is operational through 13 banks in 26 cities. As of August 31, over 300,000 merchants accepted CBDC payments. The RBI has also achieved full interoperability of CBDC with UPI QR codes and aims for 1 million daily CBDC transactions by December for thorough analysis.

Back in February, RBI Deputy Governor T. Rabi Sankar reported 50,000 users and 5,000 merchants adopting the digital currency. By July, these numbers had grown to 1.3 million users and 300,000 accepting merchants.

Furthermore, RBI Executive Director Ajay Kumar Choudhary stated during the G20 Leaders’ Summit that the central bank is planning to launch a CBDC pilot for interbank borrowing or the call money market by October, coinciding with India’s G20 Presidency this year.

Choudhary believes the e-rupee will serve as a competitor to cryptocurrencies, emphasizing its potential to offer similar capabilities without the associated risks, echoing sentiments expressed by Deputy Governor Sankar in December.

What is CBDC?

CBDCs are digital currencies issued by central banks. Their value is linked to the issuing country’s official currency.

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CBDC India, or Central Bank Digital Currency India, is the digital form of the Indian rupee. It is issued by the Reserve Bank of India (RBI) and is expected to be available in both wholesale and retail forms.

How to register/sign up for e-rupee for the first-time users in SBI?

We are providing the procedure for SBI. Likewise for other banks, you can download the e-rupee app of that bank and continue with the registration process.

Below are the simple steps to follow to install the app and register for CBDC (e₹).

  • Please note that you will be only able to register on the app of you are selected for the first pilot of e₹.
  • State Bank of India has sent details on registered mobile number for those who have been pre-selected for CUG (Closed User Group). An email also is sent to registered email ID with details. You can search the email from erupee@sbi.co.in.
  • Download the e₹ (Digital Rupee) app from the Google Play Store.
  • Once the app is downloaded, Pop up will be displayed for SMS and phone call permission to send SMS and phone call
  • Terms and condition page will be displayed. Read and if acceptable, click on accept to continue.
  • Click on start registration.
  • Installed SIM Cards will be displayed. Select the SIM Card with registered mobile number (with the Bank) and click on verify SIM. This will allow your device to send a SMS to our system to complete SIM verification. After verification click on continue.
  • Click on Set App PIN and authenticate with your device password (PIN, Face Unlock or Fingerprint)
  • Enter your name in the field provided and click on Choose Wallet
  • Enter your PIN in first input field. Confirm your PIN in the second input field. Click on the “tick” button on number pad to proceed.
  • “Wallet Successfully created” screen will be displayed. Click on View Wallet Address.
  • Click on Select Wallet. “Link State Bank of India Account” will be selected. Click on continue (This will allow app to fetch existing State Bank of India Accounts linked to the registered mobile number).
  • List of your connected State Bank of India Account will be shown, select the account you would like to connect with the wallet and click on select this bank account. You can create one wallet with one bank.
  • Enter Card Details screen will be displayed. Enter last 6 digits and expiry of your debit card. After this next button will be displayed, click on it to continue.
  • Bank Accounts linked successfully message will appear. Sign up/registration is complete
  • Now, you can start using e₹ (Digital Rupee app)

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