Reserve Bank of India ( RBI), CBDCs offline functionalityAnd in cross-border transactionsexploring its potential.
of indiacentral bank and regulatory agency RBIis working hard on its CBDC operations, which it launched last year. RBI, recently released Started testing offline functionality of CBDCs . It is also looked at what potential this CBDC, called digital rupee, can create in cross-border transactions.
India Takes Serious Steps on CBDC
Reserve Bank of India ( RBI), central bank digital currency ( CBDC) began to take serious steps on the subject.
Despite the opposing views on cryptocurrencies in India, efforts are continuing at full speed to bring technological moves to the country. In addition to its investigative approach to blockchain technology, India is also taking initiatives on CBDCs.
Reserve Bank of India ( RBI) Executive Director Ajay Kumar Choudharyput on the table that the digital rupee, India’s CBDC, is being tested for offline functionality.
CNBC TV18speaking to Choudhary He noted that the RBI is examining the cross-border uses of the digital rupee and its potential to connect with legacy systems in other countries. Moreover Choudharysaid the following on the subject;
“We look forward to the private sector and fintechs’ participation in CBDC. We will see their contribution especially in offline and cross-border CBDC transactions.”
