Deutsch한국어 日本語中文EspañolFrançaisՀայերենNederlandsРусскийItalianoPortuguêsTürkçe
Portfolio TrackerSwapBuy CryptoCryptocurrenciesPricingIntegrationsNewsEarnBlogNFTWidgetsCoinStats MidasDeFi Portfolio TrackerWallet24h ReportPress KitAPI Docs

RBI explores offline solutions to boost the adoption of the digital rupee in remote areas

4M ago
bullish:

1

bearish:

0

image

The Reserve Bank of India (RBI) is taking steps to enhance the adoption of its central bank digital currency (CBDC), the digital rupee, particularly in areas with limited internet connectivity. RBI Governor Shaktikanta Das announced plans to introduce offline functionality in CBDC-R to facilitate transactions in remote regions during a Monetary Policy Committee review meeting on Feb. 8.

Offline solutions to bridge connectivity gaps

The RBI will explore various offline solutions to address the challenges of poor or limited internet access in rural and hilly areas. These solutions, which include proximity and non-proximity-based methods, aim to ensure that individuals and businesses in remote locations can seamlessly engage in digital transactions using the digital rupee. 

The introduction of offline functionality will be carried out gradually through pilot programs.

Empowering financial inclusion

The initiative underscores the RBI’s commitment to advancing financial inclusion nationwide. By extending the reach of the digital rupee to areas where traditional banking infrastructure is lacking, the central bank seeks to empower underserved communities and facilitate their participation in the digital economy. 

By implementing offline capabilities, individuals in remote regions will gain greater access to financial services, fostering economic growth and development.

Pilot programs and future prospects

The RBI initiated pilot programs for its retail CBDC in December 2022, achieving the milestone of one million daily transactions by December 2023. These successful trials laid the groundwork for further advancements in the CBDC ecosystem, including integrating offline functionalities. 

As the central bank continues to refine its digital currency infrastructure, it aims to strengthen financial stability and enhance cross-border payment efficiency while catering to the unique needs of diverse populations across India.

Expert insights and industry perspectives

Commenting on the significance of CBDCs in India’s digital payment landscape, Siddharth Sogani, CEO of Crebaco, highlighted the alignment of CBDC initiatives with the government’s vision to transition towards a cashless economy. 

While acknowledging the existence of established payment platforms with offline capabilities, such as the Unified Payments Interface (UPI), Sogani emphasized the broader objective of CBDCs in promoting financial transparency and accountability within the monetary system.

4M ago
bullish:

1

bearish:

0

Manage all your crypto, NFT and DeFi from one place

Securely connect the portfolio you’re using to start.