Small-town India may hold the key to success for India’s blockchain-based digital rupee

The adoption of digital payments by the country’s smaller towns has laid the groundwork for the Reserve Bank of India’s (RBI) digital currency based on blockchain technology. The banking regulator has been working on the phased implementation of its digital currency—the central bank digital currency (CBDC) or the rupee in electronic form. The initiative, like offline digital payments, aims to actualise the government’s vision of a financial system with less cash.