India Sets 1 Million Transaction Target for Digital Rupee

1 million transactions each day before the end of the year.

That’s the goal India has set for its central bank digital currency (CBDC), the digital rupee.

“We want to assess the impact and learn as we go. By the end of June, we are targeting 1 million CBDC users,” said Reserve Bank of India Deputy Governor T Rabi Sankar.

India officially began its CBDC pilot at the end of 2022. Within 60 days, the pilot had onboarded 50,000 users and 5,000 merchants.

To achieve its target, the central bank will extend the pilot to more cities across India by adding new use cases across transportation and retail sectors.

The Bank for International Settlements predicts that 24 central banks will launch digital versions of their national currencies before the end of the decade.

Furthermore, it says more than 110 countries are already researching or experimenting with CBDCs.

That includes the United States. In fact, the Federal Reserve just laid the groundwork for a digital dollar.

Its new payment network is called FedNow. And while it’s not a CBDC, it uses a ledger system to keep track of every single transaction.

That makes it the perfect launching pad for a “digital dollar.”

According to Daily editor Teeka Tiwari, the best thing you can do to protect your financial freedom from a CBDC is to allocate a portion of your wealth to bitcoin.

However, all great change brings great profit opportunity, too. This seismic shift to a CBDCs is no different.

There are multiple ways for you to profit from the potential rollout of the digital dollar.

And Teeka has put together a new playbook to show you how. You can learn more here.