Recently, the Reserve Bank of India revealed that its retail central bank digital currency (CBDC) pilot project has seen considerable advancement. According to data, as of June, there were 5 million users registered and utilizing the Digital Rupee, with 420,000 merchants participating in the pilot. This demonstrates India's proactive stance in exploring the digital currency domain, aiming to offer more convenient and secure payment methods through CBDCs for economic activities. The launch of the Digital Rupee is intended to complement traditional cash transactions and existing electronic payment systems, particularly focusing on enhancing the efficiency of payments in the retail market and catering to diverse needs in both wholesale and retail sectors.