{"id":559366,"date":"2023-03-04T10:49:45","date_gmt":"2023-03-04T07:49:45","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/india-explores-offline-functionality-of-cbdcs-rbi-executive-director\/"},"modified":"2023-03-04T10:49:45","modified_gmt":"2023-03-04T07:49:45","slug":"india-explores-offline-functionality-of-cbdcs-rbi-executive-director","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/india-explores-offline-functionality-of-cbdcs-rbi-executive-director\/","title":{"rendered":"# India explores offline functionality of CBDCs: RBI executive director"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d1347ac15c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d1347ac15c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/india-explores-offline-functionality-of-cbdcs-rbi-executive-director\/#%E2%80%9D_India_explores_offline_functionality_of_CBDCs_RBI_executive_director_%E2%80%9C\" >&#8221; India explores offline functionality of CBDCs: RBI executive director &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_India_explores_offline_functionality_of_CBDCs_RBI_executive_director_%E2%80%9C\"><\/span>&#8221; India explores offline functionality of CBDCs: RBI executive director &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvYzc4NDIxMDEtNDMyZS00NjUyLThmNDAtZGEzZjYxMjAxMjMwLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>India\u2019s recently launched in-house central bank digital currency (CBDC), the e-rupi, is now\u00a0being tested for offline functionality, revealed Ajay Kumar Choudhary, Executive Director at the Reserve Bank of India (RBI).<\/p>\n<p>The RBI \u2014 India&#8217;s central bank and regulatory body \u2014 launched the wholesale segment pilot for the digital rupee on Nov. 1, 2022, and onboarded 50,000 users and 5,000 merchants for real-world testing. As of Feb. 25, roughly $134 million (1,100 crore rupees) in 800,000 transactions have been completed via wholesale CBDCs.<\/p>\n<p>Building on this progress, RBI\u2019s Choudhary said that RBI is looking at the CBDC\u2019s offline functionality. Speaking to CNBC-TV18, he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbctv18.com\/finance\/cbdc-digital-rupee-looking-at-offline-functionality-of-central-bank-currency-rbi-executive-director-16090091.htm\">stated<\/a> RBI is gauging CBDC\u2019s potential for cross-border transactions and linkage with legacy systems of other countries. He added:<\/p>\n<blockquote><p>\u201cWe are eagerly looking forward to private sector and fintechs\u2019 participation in CBDC. We will see their contribution, especially on offline and cross-border CBDC transactions.\u201d<\/p><\/blockquote>\n<p>Moreover, speaking on behalf of RBI, Choudhary said that CBDC would soon become the medium of exchange and needs all features of physical currency, including anonymity.<\/p>\n<p>India\u2019s motivation for launching CBDC was to improve financial inclusion in the region and spearhead the digital economy. Choudhary also told CNBC-TV18 that CBDC will eventually act as a replacement for cryptocurrencies.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto ads and sponsors banned from women\u2019s cricket league in India<\/em><\/strong><\/p>\n<p>On Feb. 21, India\u2019s national payment network, the unified payments interface (UPI), expanded its services to Singapore.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">UPI goes Global!<\/p>\n<p>Since UPI was introduced as a payment system in India, it has revolutionised the lives of Indians, but in fact, India\u2019s digital payment system is steadily becoming globally attractive &amp; is being adopted by other countries.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/indiafirst?src=hash&amp;ref_src=twsrc%5Etfw\">#indiafirst<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/IndiaSingaporeRelations?src=hash&amp;ref_src=twsrc%5Etfw\">#IndiaSingaporeRelations<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/55sGh5bzbZ\">pic.twitter.com\/55sGh5bzbZ<\/a><\/p>\n<p>\u2014 MyGovIndia (@mygovindia) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mygovindia\/status\/1627924983707213825?ref_src=twsrc%5Etfw\">February 21, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The UPI-PayNow integration allows citizens from India and Singapore to send money across borders quickly. <\/p>\n<p>Initially, four major Indian banks \u2014 the State Bank of India, Indian Overseas Bank, Indian Bank and ICICI Bank \u2014 will facilitate outgoing remittances. Axis Bank and DBS Bank India will facilitate incoming remittances. Singapore\u2019s DBS Bank and Liquid Group will provide the service to users in the region.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/india-explores-offline-functionality-of-cbdcs-rbi-executive-director\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; India explores offline functionality of CBDCs: RBI executive director &#8220; India\u2019s recently launched in-house central bank digital currency (CBDC), the e-rupi, is now\u00a0being tested for offline functionality, revealed Ajay Kumar Choudhary, Executive Director at the Reserve Bank of India (RBI). The RBI \u2014 India&#8217;s central bank and regulatory body \u2014 launched the wholesale segment&#8230;<\/p>\n","protected":false},"author":1,"featured_media":559367,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/c7842101-432e-4652-8f40-da3f61201230.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75046,75022,78031,74355,17318,70934],"class_list":["post-559366","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-cbdc","tag-central-bank","tag-reserve-bank-of-india","tag-adoption","tag-india","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/559366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=559366"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/559366\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/559367"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=559366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=559366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=559366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}