India's e-rupee daily transactions dropped from 1 million to 100,000 post-December peak.
India's digital currency, the e-rupee, has seen transactions slump to a tenth of the December peak, according to four sources. The Reserve Bank of India had initiated a pilot program for the e-rupee as a digital alternative to physical cash in December 2022. Daily transactions reached 1 million retail transactions per day by December 2023, but have since fallen to around 100,000 as incentives and bank employee salary disbursements ceased. The decline suggests limited organic demand for the e-rupee.
June 25, 2024
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