India has taken a cautious approach to the implementation of its central bank digital currency (CBDC), with 5 million retail users and 16 banks participating in pilots since the digital rupee's launch in late 2022. While the Reserve Bank of India (RBI) continues to explore both retail and wholesale use cases, including programmability and offline functionalities, RBI Governor Shaktikanta Das emphasised that the country should not rush into a full-scale rollout until there is a comprehensive understanding of the CBDC's potential impact on the financial system and economy. Meanwhile, India's stance on cryptocurrencies remains ambiguous, with no immediate plans to regulate them, reflecting a deliberate and cautious approach to digital financial innovations.