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India’s Digital Rupee Struggles Domestically Despite Global Push
India’s Digital Rupee Struggles Domestically Despite Global Push
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The Reserve Bank of India (RBI) is expanding its central bank digital currency (CBDC) pilot with cross-border payment tests and new features, but domestic adoption remains shaky. While circulation surged 334%, daily transactions collapsed to 100,000 after subsidy withdrawals—exposing a reliance on artificial incentives rather than organic demand.
Private fintech firms like Mintoak are outpacing the RBI by deploying CBDC infrastructure ahead of mandates. The central bank faces a critical challenge: transforming the digital rupee from a subsidized experiment into a self-sustaining financial instrument. Market participants note parallels with failed incentive programs for other state-backed digital assets.
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