Offline Accessibility To Make Digital Rupee An Attractive Choice: RBI
(MENAFN- KNN India) New Delhi, May 7 (KNN) According to Reserve bank of India (RBI) Governor Shaktikanta Das, the offline accessibility feature for the digital rupee can make it an attractive option for retail users.
Speaking at a panel discussion on central bank digital currencies (CBDCs) at a Bank for International Settlements (BIS) summit, Das highlighted the benefits of CBDCs being similar to cash, offering anonymity and finality of settlement.
Addressing the anonymity aspect, Das stated that it could be achieved either through legislation or by permanently deleting transaction data.
He also emphasised the RBI's efforts to enable offline functionality, incorporate programmability for financial inclusion, and enhance technology scalability for broader adoption of the digital rupee.
While the Unified Payments Interface (UPI) is currently preferred by retail users, Das expressed optimism that the offline and programmable features of the CBDC will change this trend in the future.
Furthermore, the RBI plans to extend the wholesale use of the CBDC for trade in commercial paper and certificates of deposit in the debt market, expanding its applications in the financial sector.
(KNN Bureau)
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