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Digital currencies have become popular as several countries have started launching their own central bank digital currencies (CBDCs) while promoting their adoption. In today’s news, India’s largest retail chain, Reliance Retail, announced that it has added support for CBDC digital rupee payments in its store line.
According to the retail chain, it plans to expand support to other businesses in the future. Reliance Retail was one of the first companies in India to accept the country’s CBDC as a payment method. Currently, digital rupees are accepted at Reliance Retail’s gourmet store line, Freshpik.
Reliance Retail To Expand India’s CBDC Support
To encourage adoption of the digital rupee in India, Reliance Retails said it will expand the enablement of CBDCs as a payment method to other properties. According to an executive at Reliance Retail, V, Subramaniam, the company’s acceptance of CBDC is in line with the company’s goal of bringing “the power of choice” to Indian consumers.
Subramaniam further pointed out that the move enabled the company to offer a wide range of payment method options for Indian customers within its stores. Customers who choose to purchase any item in the shop with digital rupees will be provided with a QR code which they must scan to complete the payment.
To report from TechCrunch, the CBDC enablement is part of its partnership with ICICI Bank, Kotak Mahindra Bank, and fintech firm Innoviti Technologies.
RBI Planning Regional CBDC
While the primary goal of developing a digital rupee has been implemented, the Reserve Bank of India (RBI) seems to have more plans for the digital currency. In a The 51-page note was published on October 7the country’s central bank pointed out some of the core components behind issuing India’s digital rupee.
These components include highlighting trustworthiness, security, liquidity, and the finality and integrity of settlements. According to the document, one of the main stimulators for countries in developing CBDCs is to reduce operational costs related to managing physical money in the country.
Part of RBI’s future plans for CBDCs include increasing cross-border payments and settlements that will benefit remote locations and areas without a steady supply of electricity or cellular network access.
Although CBDC development is on the rise, its adoption rate is still in its infancy. Meanwhile, cryptocurrency adoption is starting to leave its infancy as several companies and shops have added support for crypto assets such as Bitcoin (BTC), Shiba Inu (SHIB), and Binance Coin (BNB), among others.
The cryptocurrency market, on the other hand, is showing rapid growth. After experiencing several dips last year, the global cryptocurrency market cap has moved more than 10% since the start of the year, crossing the $1 trillion mark for the first time in months. 
At the time of writing, the global cryptocurrency market cap was at $1.133 trillion, up 4.7% in the last 24 hours.
Featured image from Unsplash, Chart from TradingView
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