- The RBI governor said the central bank will explore offline solutions to encourage adoption of the digital rupee.
- They plan to introduce such solutions in areas where there is no Internet connection or it is unstable.
The Reserve Bank of India (RBI) will explore offline solutions to encourage adoption of central bank digital currency (CBDC) in remote areas of the country with limited internet access. Locals report this mass media with reference to the words of RBI Governor Shaktikanta Das.
“It is proposed to introduce offline functionality in CBDC to enable transactions in areas with poor or limited internet connectivity. These solutions will be gradually introduced during pilot projects,” said Shaktikanta Das.
In addition, he added that transactions between people and merchants can now be carried out using CBDC.
The report noted that this initiative was proposed back in March 2023 when RBI chief executive Ajay Kumar Choudhar said the central bank wanted to test the potential of CBDC for cross-border transactions.
Let us recall that at the end of 2023, the Central Bank of India named the main risks of introducing cryptocurrencies into the country’s economy and gave a positive assessment of the digital rupee.
It should be noted that former US President Donald Trump previously said that he would ban the creation of a central bank digital currency if he was elected again as head of state.