DC Wallet Partners with AFC India to Boost Digital Rupee Adoption
DC wallet A partnership with AFC India Limited, an Indian government-owned company, has just been announced to promote the adoption of the digital rupee.
The move comes after the Reserve Bank of India tested the CBDC on Ripple’s XRP ledger in November.
Digital Rupee Adoption Strategy
DC Wallet announced the partnership via media release Detail the company’s strategy and goals. Although Central Bank of India Digital Currency (CBDC), Digital Rupeewas Launched more than two years agoit has not yet been widely adopted. This new public-private partnership focuses on several possible growth areas.
“The strategy covers providing closed-loop wallet solutions for industries such as agriculture, education and tourism, with the potential to reach over 200 million users. AFC will help integrate DC Wallet with public and private sector banks… to serve the unbanked and underbanked in India population. The solution also provides cost-effective cross-border payments,” the release said.
Under the Reserve Bank of India (RBI) test Late November. Specifically, the Reserve Bank of India is running a digital rupee on Ripple’s XRP ledger “for institutional use cases.”
This experiment verified CBDC’s Safety and efficiency, Demonstrate that it can be widely used. The next challenge, then, is converting a broad range of users.
This partnership makes sense for several reasons. For one, it resembles similar developments in Brazil, where Central Bank Partners with Cryptocurrency Firms to Promote New CBDC. This October, Indian financial regulator strongly advocates digital rupee More than crypto assets like Bitcoin and Ethereum.
India’s financial regulator is at loggerheads with certain aspects of the traditional cryptocurrency industry. For example, Famous exchange Binance only Return to Indian market in August After being evicted due to non-compliance issues. Still, the company continues to run afoul of authorities. Accused of owing $85 million in taxes yesterday.
In other words, it’s entirely understandable that government-backed institutions would support this move. DC Wallet’s press release did not mention any specific investment amounts, but the partnership has set itself ambitious goals. Winning widespread adoption of the digital rupee among these unbanked and underbanked populations may be a daunting challenge.
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