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.

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. 

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.

(By Anvesh Reddy)