Digital currency losing charm! e-rupee usage becomes one-tenth of 2023 peak

India’s digital currency, the e-rupee, has seen a significant decline in usage, dropping to just one-tenth of its peak in December, Reuters reported, citing four sources.

The Reserve Bank of India initiated a pilot for the e-rupee in December 2022, positioning it as a digital substitute for physical currency. By December 2023, the pilot had achieved its target of 1 million retail transactions per day.