India’s largest retailer Reliance Retail has announced plans to accept payments in digital rupee in a move that could boost CBDC adoption in the country.
The retail chain has partnered with ICICI Bank, Kotak Mahindra Bank and fintech Innovati Technologies to add support for the digital rupee at Freshpick stores across the country, TechCrunch reported. Reported Elaborating on Thursday, customers will be given a dynamic digital Rupee acceptance QR code, which they can scan and make payments.
As per the report, Reliance Retail has rolled out support for CBDC in its gourmet store line Freshpick and plans to expand the feature to other stores in the future. V Subramaniam, director of Reliance Retail, reportedly said:
“This historic initiative to pioneer the acceptance of digital currency at our stores is in line with the company’s strategic vision of providing Indian consumers with the power of choice. With more and more Indians willing to transact digitally, this initiative enables us to This will help in providing the customers with a more efficient and secure alternative payment method.
India’s central bank has long been a supporter of Central Bank Digital Currencies (CBDCs), calling them the “future of money”. country launched a pilot program Its digital currency in collaboration with nine banks in November last year.
The Reserve Bank of India hopes to reduce the economy’s dependence on cash, enable cheap and easy international settlement, and protect people from the volatility of private cryptocurrencies with the digital rupee. The central bank is next planning to use the CBDC for wholesale transactions and cross-border payments.
Kotak Mahindra Bank President and Chief Digital Officer Deepak Sharma reportedly said, “e₹ is a game-changer in the digital revolution that has been launched in the country.” “All customers with e-R Wallet will now be able to enjoy a seamless, secure and quick way of digital transactions at Reliance Retail Stores.”
The RBI, on the other hand, has long maintained a tough stance towards digital assets, arguing that the nascent asset class has no inherent value. The central bank has consistently warned investors and the government against cryptocurrencies, citing volatility and the risk of fraud and scams.
Last month, Shaktikanta Das, governor of India’s central bank, said Cryptocurrencies have no intrinsic value and his alleged “worth nothing but to believe.” He said cryptos aren’t even worth a tulip, alluding to the famous Dutch tulip mania explosion in the early part of the last century.
The country, which currently holds the presidency of the G20, is also planning to use the opportunity to Coordinate global crypto regulation and study the implications of cryptocurrencies for the economy, monetary policy and the banking sector to inform policy consensus.
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