Indian banks have lost their initial enthusiasm after the digital rupee trial.
The country launched an e-rupee app for the wholesale segment on November 1.
Indian Banks Point to Retail Users
The enthusiasm for the CBDC among bankers seems to have faded. Bankers believe that CBDC does not provide any benefit over current procedures.
Bankers believe the real benefit of the e-rupee can be seen in the retail and consumer sectors.
A month has passed since the launch of the e-rupee for the wholesale segment. But the bankers are not excited about this situation. In addition, they pointed out some disadvantages.
Bankers stated that instead of bringing any advantage to the interbank settlement system, e-rupee increases the workload of accounting.
Bankers stated that e-rupee is a digital alternative to cash that offers a certain degree of anonymity because it uses distributed ledger technology, while noting that it does not provide any advantage in interbank transactions.
India announced its CBDC plans during its budget speech earlier this year.
Many countries continue their CBDC studies. Although pilot applications have been started in some countries, there are also countries that are still distant from the subject.
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