India’s retail CBDC pilot, launched on December 1, has onboarded 50,000 users and 5,000 merchants. In the two-month period, 0.77 million e-rupee transactions were carried out, the Reserve Bank of India (RBI) said.

“We want the process to happen, but we want the process to happen gradually and slowly. We are in no hurry to make something happen so quickly,” T Rabi Sankar, Deputy Governor of RBI, said at post-policy press conference early this week.