Is Ripple Powering India’s One Million CBDC User Goal?

Crypto News: In the wake of India’s recent experimental projects with the central bank digital currencies (CBDCs), latest reports suggest the country has an ambitious target with regard to domestic payments. The country’s central bank, the Reserve Bank of India (RBI), initiated a pilot project on usage of CBDCs for retail and wholesale use. The authorities recently said the CBDCs could potentially offer benefits like financial inclusion and improved payment systems. In a latest, the plans for CBDC adoption in the country could be expanded for a wider usage.

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India’s Goal For CBDCs

In this context, reports suggest India has an ambitious goal to reach a million CBDC users very soon. But the crypto community is speculating if the RBI is making use of Ripple’s XRP Ledger technology. A Twitter user asked if Ripple was behind India’s CBDC initiative,

“Makes you wonder who`s helping India with their CBDC rollout??? Ripple??? XRPL Private Ledger?”

However, the authorities have not clarified about the technical aspects of the India CBDC project. The XRP Ledger allows for minting, managing, transacting, and destroying CBDCs.

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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