March 31, 2023

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India explores offline operation of CBDCs

Reserve Bank of India (RBI) CEO Ajay Kumar Chowdhury said offline functionality of the digital rupee is being tested. India’s Central Bank Digital Currency (CBDC), recently launched.

RBI – the central bank and regulator of India – was launched A central bank currency On November 1, 2022, the pilot program of the Digital Rupee wholesale segment will engage 50,000 users and 5,000 merchants and conduct tests in real-world conditions. As of February 25, a total of about 134 million USD and 800,000 transactions have been made through CBDCs.

Building on this development, Chaudhry said the Reserve Bank of India is looking into the offline operations of CBDCs.. Speaking to CNBC TV18, he said the Reserve Bank of India is evaluating the potential of CBDC for cross-border transactions and linking it with existing systems in other countries. Also added:

“We look forward to the participation of the private sector and fintechs in CBDC, especially in offline and cross-border CBDC transactions.

Also, speaking on behalf of RBI, Chowdhury said that CBDC will soon become a medium of exchange and will require all the features of physical currency, including anonymity.

India’s motivation for launching a CBDC is to improve regional financial inclusion and advance the digital economy. Chowdhury told CNBC TV18 that CBDC will eventually replace cryptocurrencies.

On February 21, India’s national payments network, Unified Payment Interface (UPI), expanded its services to Singapore.

UPI is universal

Ever since the introduction of UPI as a payment system in India, it has revolutionized the lives of Indians, but in fact, India’s digital payment system is becoming more and more attractive globally and being adopted by other countries.

UPI PayNow integration allows citizens of India and Singapore to send money across borders quickly.

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in the beginning, Four major Indian banks (State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank) facilitate outgoing remittances. Axis Bank and TBS Bank India facilitate incoming remittances. DBS Bank and Singapore-based Liquid Group will provide the service to users in the region.

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