In July last year, Reserve Bank of India (RBI) Deputy Governor Rabi Sankar set a target of 1 million daily transactions in digital rupees in 2023, according to Golden Finance. At that time, the trading volume of Central BankDigital Money (CBDC) was only 10,000 per day. According to local media, the company reached this milestone on December 27, 2023.

Jinse Finance reported that Twitter user Keyur Rohit posted that the Reserve Bank of India (RBI) has released the latest measures. The RBI is not worried about people who trade cryptocurrencies, but the currencies themselves. Unbacked #cryptocurrencies lack proper backing or backing and pose a significant risk. RBI deputy governor T Rabi Shankar emphasized that the problem lies with the currency itself and its supporters. Another concern Shankar raised was stablecoins pegged to other currencies in emerging markets. These stablecoins pose serious threats to financial stability, capital management, and monetary policy. He emphasized that allowing cryptocurrencies to grow unchecked would weaken the power of central banks and hinder transaction monitoring. The G20 also considered options for a blanket ban on cryptocurrencies, a development that raised questions about their future.