In the western Indian village of Phulenagar, Samadhan Sonawane set up a drip irrigation system on his small onion farm using digital currency issued directly from the central bank. The funds come from a pilot programme that is part of India's efforts to boost its e-rupee, a central bank digital currency (CBDC), and tighten its $80 billion welfare payment system, which has historically suffered from corruption and inefficiency. While India's early efforts are modest compared with those of China, where more than 200 million people use the e-yuan, the world's most populous nation could in theory become its biggest CBDC issuer if the system gains traction.