COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: India’s Central Bank Enhances Offline Transfer Capabilities for Digital Currency
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Cryptocurrency News > India’s Central Bank Enhances Offline Transfer Capabilities for Digital Currency
Cryptocurrency News

India’s Central Bank Enhances Offline Transfer Capabilities for Digital Currency

In Brief

  • India's RBI prepares to expand offline CBDC transfers.

  • Integration efforts focus on UPI systems to facilitate transactions.

  • Digital Rupee sees growing adoption in pilot programs.

COINTURK NEWS
COINTURK NEWS 1 year ago
Share
SHARE

India’s Central Bank (RBI) is preparing to take steps to effectively enhance the offline transfer capabilities of the Central Bank Digital Currency (CBDC). According to The Economic Times, at the 2024 BIS Innovation Summit, RBI Governor Shaktikanta Das reported an increase in transactions among individual users of India’s digital rupee (CBDC).

Contents
Integrating UPI with CBDC for Individual UseBanks’ Mediation to ContinueDigital Rupee Gains Interest in India

Integrating UPI with CBDC for Individual Use

In his statement, Das emphasized that more efforts are needed to adopt the Unified Payments Interface (UPI) more broadly. Das stated, “We leveraged the existing trade infrastructure on UPI to facilitate CBDC transactions. Although the number of transactions has reached as high as 1 million per day, we still see UPI being preferred among individual users. Of course, we hope this changes in the future.”

The offline mode for CBDCs will reflect a significant advantage of cash by allowing transactions even without internet access. Das also confirmed that CBDC will offer a level of anonymity similar to cash, commenting, “The issue of anonymity can be addressed through legislation or technology, such as permanently deleting transactions. This could be one of the methods used. The fundamental principle is that CBDC should be as anonymous as cash, no more, no less.”

Banks’ Mediation to Continue

Das also highlighted that India’s digital rupee is designed not to offer interest, unlike traditional bank deposits, which preserves the business models of banks. This feature reduces the risk of eliminating banks from mediation.

RBI is making efforts to integrate the upcoming CBDC with fast payment systems, particularly UPI, responding to feedback from individual users. One of the steps taken by the bank is to allow a single QR code to work for both UPI and CBDC payments, simplifying the acceptance process for businesses.

Digital Rupee Gains Interest in India

While developed countries show a more cautious approach, India stands out as one of the few pioneering countries in CBDC trials. The country is expanding the use of its digital currency, e-Rupi, through a pilot program launched in December 2022. To date, more than 1.3 million people and 300,000 businesses have participated in this program.

As of March 2023, over 1.2 million dollars’ worth of rupees have been circulated. However, the majority of this money (65%) is currently used in the wholesale segment, with individual adoption rates remaining at 35%.

India’s RBI is among the vast majority (98%) of central banks worldwide actively researching CBDCs. The purpose of these studies is to enhance the functionality and accessibility of central bank money.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Geopolitical Tensions Shake Crypto Market with Significant Drops

Trump Raises Tensions with Potential Conflict in Middle East

Crypto Market Faces Uncertainty as Geopolitical Tensions Rise

Vital Moves Shake Cryptocurrency Markets

Markets React as Geopolitical Tensions Escalate

COINTURK NEWS 7 May, 2024 - 12:31 pm 7 May, 2024 - 12:31 pm
Share This Article
Facebook Twitter
Share
Previous Article Starknet Foundation Announces $5 Million Grant Program for Blockchain Projects
Next Article Polygon (MATIC) Price Dynamics and Market Analysis
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Solana’s 18000% Surge Grabbed Headlines, but This $0.32 Gem Is Tipped for a 300x Breakout
Sponsored Article
Geopolitical Tensions Shake Crypto Market with Significant Drops
Cryptocurrency News
U.S. Senate Sets the Stage for Stablecoin Regulation with GENIUS Act Approval
Altcoin News
Explore Binance’s Latest Altcoin Lending Opportunities
Binance
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?