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RBI Launches CBDC Pilot & e-rupee in India’s Financial Market

Indian Central Bank Tests Digital Currency; Polkadot Falls in Value

In a rather significant development in the world of digital currencies, the Reserve Bank of India (RBI) has embarked on a pilot program involving a Central Bank Digital Currency (CBDC) in the nation’s call money market. Amidst this, Polkadot, the native token of the Polkadot blockchain, experienced a dip in its market value.

India’s CBDC Pilot Program

The pilot involves nine prominent banks, including the State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC. The initiative’s main goal is to facilitate efficient and hassle-free interbank transactions concerning short-term lending and borrowing.

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In addition to this, the RBI has also introduced a retail CBDC titled the “e-rupee,” with approximately Rs 16.39 crore currently in circulation.

The Expansion of India’s CBDC

Ajay Kumar Choudhary, an executive director at the RBI, has confirmed future plans for a wholesale version of its domestic digital currency to be titled the “Digital Rupee-Wholesale.”

This development comes in line with RBI Governor Shaktikanta Das’s earlier emphasis on adopting a phased CBCD introduction strategy that won’t cause disruptions. Understandably, the introduction of CBDC in India was something that necessitated modifications to the RBI Act, 1934. But these amendments were adequately addressed in the Union Budget 2022-23.

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Furthermore, in a remarkable indication of the e-rupee’s increasing acceptance and adoption, RBI deputy governor T. Rabi Sankar has revealed that approximately 15,000 daily transactions are taking place with the digital currency.

Polkadot’s Market Performance

On the flip side, in the world of cryptocurrencies, Polkadot has experienced a decline in its trading value of 6 percent over the last week, with its current trading price marked at $3.76.

In the last 24 hours, Polkadot’s value has decreased by 1.21 percent. The cryptocurrency currently has a market cap of $4,641,612,415 and a 24-hour trading volume of $72,496,649.

Future Plans for Polkadot

However, despite the dip in its value, Polkadot development agency Web3 Foundation remains optimistic. The agency has unveiled future plans to deploy a whopping US$22.08 million and 5 million DOTs throughout 2024. Considering the world of cryptocurrencies is known for its volatile and unpredictable nature, this could indicate potential stability or a rise in this cryptocurrency’s future.

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Conclusion

In conclusion, whether we consider the brave new pilot program of the CBDC in India or the recent slip in Polkadot’s value, the world of cryptocurrencies continues to be a thrilling ride. Time will reveal how these developments will pan out and what impact they would have on the crypto-market and investors.

For now, crypto investors need to stay alert and closely monitor these rapidly evolving trends. With the introduction of CBDCs, it certainly looks like we are moving towards a future where digital currencies could become a norm rather than an exception.

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