India is moving forward with the phased implementation of its Central Bank Digital Currency (CBDC), with the Reserve Bank of India (RBI) ensuring its gradual and cautious adoption. Governor Shaktikanta Das has emphasized that the full-scale rollout of the digital rupee will not be rushed. Aiming to maintain the integrity, safety, and efficiency of the currency, the RBI is meticulously testing the CBDC’s functionality through its pilots, which started in 2022 for wholesale and retail transactions.
Currently, millions of users and merchants have participated in the retail CBDC pilot, which is being closely monitored for its usability and integration with other systems. While the digital rupee has been designed for use in both online and offline settings, Das stressed its potential for improving cross-border transactions, making them more efficient and cost-effective.
The RBI has focused on ensuring that the digital rupee works seamlessly with India’s existing payment infrastructure. The CBDC’s interoperability with the Unified Payments Interface (UPI), a system already widely used in the country, marks a significant step forward. This linkage allows digital currency transactions to be conducted with the same ease as UPI payments, even in environments with limited internet access.
Arabian Post – Crypto News Network
