Usage of India’s central bank digital currency, the digital rupee, has dropped significantly

According to Odaily Planet Daily, the use of the digital rupee, India's central bank digital currency (CBDC), has fallen sharply to one-tenth of its peak in December 2023. The Reserve Bank of India (RBI) initially enabled 1 million daily retail transactions for the digital rupee by incentivizing banks and distributing part of the salary using digital currency. However, when these incentives ended, its daily transaction volume fell to about 100,000, indicating a lack of organic demand. The central bank is currently focusing on testing technology and developing use cases, with no immediate plans for rapid expansion.