The Reserve Bank of India (RBI) took a bold step to expand the reach of its Central Bank Digital Currency (CBDC), the digital rupee, by introducing offline functionality. RBI Governor Shaktikanta Das launched the initiative in a Monetary Policy Committee review on February 8, emphasizing its aim to increase adoption in regions with limited connectivity across India. This strategic move underscores RBI's dedication to ensuring accessibility to digital currencies, even in the most remote areas of the country.
The digital rupee, which was launched on a trial basis in December 2022, has achieved a significant milestone of processing one million daily transactions by December 2023. The integration of offline capabilities aims to bridge the digital divide, especially in rural and mountainous areas, by facilitating transactions without requiring internet access. RBI intends to explore various offline solutions, including proximity and non-proximity based methods, to ensure efficient and inclusive financial services across diverse geographical landscapes.
Currently, the CBDC system supports person-to-person (P2P) and person-to-merchant (P2M) transactions through digital wallets provided by pilot banks. This development is in line with RBI's broader vision to increase cross-border transactions and integrate with the international financial system, as outlined by RBI's executive director, Ajay Kumar Choudhary, in March 2023.
Apart from the innovative offline feature of the digital rupee, India has been host to popular payment services like Unified Payments Interface (UPI) that offers offline transactions. Siddharth Sogani, CEO of blockchain analytics firm Crebaco, noted that while CBDCs serve as an alternative payment method, their primary purpose is to support government efforts to closely monitor monetary transactions and phase out cash.
CBDC projects are viewed by both developing and developed countries as an instrument to achieve financial stability and increase the efficiency of cross-border payments. However, for developing countries like India, the implementation of CBDC also aims to encourage financial inclusion, ensuring that even the most remote communities have access to banking and financial services.
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