India is actively exploring the development of a central bank digital currency (CBDC) but is proceeding cautiously, as stated by Central Bank Governor Shri Shaktikanta Das. The country has already gained five million retail CBDC users and 16 banks through digital rupee pilots initiated in late 2022. The pilots encompass both retail and wholesale segments, focusing initially on payment use cases. Das highlighted the importance of comprehensively understanding the impact of CBDC on users, monetary policy, and the economy before a system-wide rollout. He emphasized the potential of CBDC in revolutionizing future payment systems, including cross-border transactions. Additionally, CBDC's programmability features could facilitate targeted fund delivery, benefiting sectors like agriculture. India's approach to CBDC mirrors its cautious stance on regulating cryptocurrencies like Bitcoin, with the government currently refraining from immediate regulation. Plans are underway to revamp digital asset regulations, reflecting India's evolving regulatory landscape. Read more AI-generated news on: https://app.chaingpt.org/news