India targeting 1,000,000 CBDC users in 3 months

  • India publicly stated in March they were aiming for 500,000 users by July, they are privately looking to hit double that amount.
  • They plan to conduct offline transactions by testing the use of wearables, cards like debit and credit, bluetooth technology, and a smartphone. 

Why does it matter: India is the 6th largest economy in the world and the 2nd largest population.

  • Their rapid adoption of a CBDC shows that mass adoption globally could be right around the corner.
  • India’s rollout will provide major insights to other countries looking to push their own CBDC.

The country has not announced a timeline for rolling out a full-scale retail CBDC but has previously indicated it was aiming for the end of the year.

Read the full piece here.