According to the source, India is advancing the RBI e-rupee (CBDC) pilots in wholesale since 1 Nov 2022 and retail since 1 Dec 2022, with 2024–2025 testing of offline use and programmability indicating continued expansion rather than a nationwide launch, source: Reserve Bank of India press release dated 31 Oct 2022; Reserve Bank of India press release dated 29 Nov 2022; Reserve Bank of India Annual Report 2023–24, Payments and Settlement Systems chapter. RBI leadership continues to state that private cryptocurrencies have no underlying value and pose financial stability risks, source: Reserve Bank of India Monetary Policy Press Conference transcript dated 7 Dec 2022; Reserve Bank of India Financial Stability Report June 2022. For traders, India’s policy settings remain restrictive with a 30% tax on virtual digital asset gains and a 1% TDS on transfers in force, source: Finance Act 2022 Sections 115BBH and 194S; Central Board of Direct Taxes notification dated 21 June 2022. Domestic exchange volumes fell sharply after the 1% TDS took effect, signaling persistent onshore liquidity constraints, source: Esya Centre report titled Impact of 1% TDS on Indian VDA Industry published January 2023. CBDC is legal tender distinct from private crypto and is being explored for features such as programmable G2P payments and offline transactions, which may reshape digital payment rails without altering the current stance on private crypto, source: Reserve Bank of India Concept Note on Central Bank Digital Currency October 2022; Reserve Bank of India Annual Report 2023–24.