Mumbai: The recently launched retail central bank (CBDC) digital currency pilot has 50,000 users and 5,000 merchants, the RBI said on Wednesday. “We want the process to happen, but we want the process to happen gradually and slowly. We are in no rush to do something so quickly,” Deputy Governor T Rabi Sankar said at the post press conference. -politics here.

“We have our goals in terms of users, in terms of merchants. We’re going to take it easy,” he added.

The RBI does not want to find itself in a situation where it does something without really understanding the likely impact or still wishes to be in a position where it can handle the fallout, Sankar said.

He said 50,000 users and 5,000 merchants are currently transacting through eight banks, and another five lenders are expected to join them soon.

The pilot launched on December 1 has seen 7.70 lakh transactions and is currently being implemented in five cities, he said.

There are plans to add nine more cities to the list, Sankar said, reiterating that the same will happen gradually.

India is one of the few countries among the 100 countries considering introducing digital versions of fiat currencies called CBDCs.

Prior to the retail CBDC, the RBI launched the wholesale CBDC pilot last year.