Digital currencies are gaining popularity as several countries have started launching their own central bank digital currencies (CBDCs) while promoting their adoption. In today’s news, India’s largest retail chain, Reliance Retail, announced that it has added support for CBDC digital rupee payments at its storefront.
According to the retail chain, the plan is to increase support for other businesses in the future. Reliance Retail is one of the first companies in India to accept the country’s CBDC as a payment method. Currently, digital rupees are accepted in Reliance Retail’s line of gourmet stores, Freshpik.
Reliance Retail To Expand India’s CBDC Support
To promote the adoption of the digital rupee in India, Reliance Retails said it will expand the use of CBDC as a payment method to other properties. According to an executive at Reliance Retail, V, Subramaniam, the company’s acceptance of CBDC is in line with the company’s aim to bring “the power of choice” to Indian consumers.
Subramaniam went further to point out that the move will allow the company to offer a wider choice of payment methods to Indian customers at its stores. Customers who choose to purchase any item at the store with digital rupees will be provided with a QR code that they need to scan to complete the payment.
For report from TechCrunch, the CBDC enablement is part of a partnership with ICICI Bank, Kotak Mahindra Bank, and fintech company Innoviti Technologies.
RBI Plans For Regional CBDCs
While the main goal of developing a digital rupee has been implemented, the Reserve Bank of India (RBI) seems to have more plans for the digital currency. At The 51-page note was published on October 7The country’s central bank pointed out some core components behind the issuance of the Indian digital rupee.
These components include highlighting trust, security, liquidity, and settlement finality and integrity. According to the document, the main stimulator of the country developing CBDC is to reduce the operational costs of physical cash management in the country.
Part of the RBI’s future plans for CBDC include improved cross-border payments and settlements that will benefit remote locations and regions without stable electricity supply or mobile network access.
Although the development of CBDC is increasing, the adoption rate is still small. Meanwhile, the adoption of cryptocurrencies is starting to leave its infancy stage as some companies and stores are starting to add support for crypto assets such as Bitcoin (BTC), Shiba Inu (SHIB), and Binance Coin (BNB), among others.
The cryptocurrency market, on the other hand, is showing rapid growth. After experiencing several downturns last year, the global cryptocurrency market capitalization has moved more than 10% since the beginning of the year, surpassing the $1 trillion mark for the first time in a month.
At the time of writing, the global cryptocurrency market capitalization sits at $1.133 trillion, up by 4.7% in the last 24 hours.
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