The Central Bank of India has confirmed the use of Ripple’s XRP Ledger for its Digital Rupee project, a groundbreaking collaboration that highlights Ripple’s growing influence in the central bank digital currency (CBDC) space. The integration with CryptoTradingFund (CTF) rewards allows customers to earn CTF tokens for every transaction at participating merchants, including Amazon. Yes Bank, one of India’s largest banks, has also integrated the Digital Rupee with the Unified Payments Interface (UPI), allowing thousands of customers to seamlessly send and receive transactions. Ripple’s blockchain technology is expected to increase efficiency and transparency in the Indian banking sector. The company is also expanding its CBDC initiatives worldwide, with discussions with over a dozen governments to develop blockchain-based CBDC solutions. The confirmation of Ripple’s XRP Ledger for the Digital Rupee project is a significant step forward for blockchain innovation and could serve as a blueprint for other nations.

Source: https://www.thecoinrepublic.com/2024/11/21/central-bank-of-indias-digital-rupee-project-is-powered-by-the-xrp-ledger/