Reserve Dollar

Bank AI

Rupee

Partner

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
With new functionality supported by the Mumbai-headquartered bank, the adoption of Digital Indian Rupee (INR) will be accelerated in both private and corporate finances. Users will even be able to authorize operations with Digital INR through a QR-code. 
<h2 id="yes-bank-joins-reserve-bank-of-india-s-digital-rupee-project-details">Yes Bank joins Reserve Bank of India's Digital Rupee project: Details</h2> 
Yes Bank, one of the largest banks in India, <a href="https://economictimes.indiatimes.com/industry/banking/finance/banking/yes-bank-goes-live-with-upi-interoperability-on-cbdc/articleshow/103212653.cms" rel="noopener noreferrer nofollow">announced</a> that it became interoperable with Unified Payments Interface (UPI) by Reserve Bank of India's Digital Rupee CBDC application. With this interface, thousands of Yes Bank customers will be able to send and receive transfers in Digital Rupees. 
<blockquote> 
 YES Bank, a <a href="https://twitter.com/hashtag/Ripple?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ripple</a> partner, now live w/ UPI Interoperability on the RBI CBDC app. It's domestic and India only allows inward remittance, but interesting as for the first time (?) a bank connected to CBDC, pay network also housing a <a href="https://twitter.com/hashtag/Ripplenet?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ripplenet</a> connection.<a href="https://t.co/ule9UVb5oH" rel="noopener noreferrer nofollow">https://t.co/ule9UVb5oH</a>— WrathofKahneman 🪝 (@WKahneman) <a href="https://twitter.com/WKahneman/status/1697678854310269204?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 1, 2023</a> 
</blockquote> 
The integration enables QR-code functionality: Users will be able to send domestic remittances between various Indian states in a seamless and fast manner. 
As per an article of The Economic Times, an Indian financial media outlet, this integration will be of paramount importance for the Digital Rupee product development, testing and adoption: 
<blockquote> 
 This move is set to significantly expand the reach of the Digital Rupee (e₹) and underscores the bank's commitment towards propelling digital innovations, and providing a wide range of transactional options for users across the nation 
</blockquote> 
The development of an Indian CBDC gained traction in 2022 when the nation-wide <a href="https://u.today/crypto-now-legal-in-india-here-are-tax-rates" rel="noopener noreferrer nofollow">cryptocurrency ban</a> was lifted in India. In Q4, 2022, the country organized two pilot campaigns for Digital INR, targeting wholesalers and retail users respectively. 
<h2 id="ripple-bets-big-on-cbdc-experiments-across-globe">Ripple bets big on CBDC experiments across globe</h2> 
Since 2018, Yes Bank has been collaborating with U.S. fintech decacorn Ripple to help facilitate cross-border remittances from various regions of the globe, an official statement <a href="https://www.yesbank.in/digital-banking/tech-for-change/financial-services/impact-on-realtime-cross-border-payments" rel="noopener noreferrer nofollow">said</a>. 
While it is unclear whether RippleNet and XRP are used in the Digital INR development, Ripple has already fueled some successful CBDC products across the globe. 
Since August 2023, it has been <a href="https://u.today/ripple-joins-mastercard-alliance-for-cbdc-development" rel="noopener noreferrer nofollow">contributing</a> to the Mastercard CBDC alliance. Also, it is a long-term partner of government-backed stablecoin development in <a href="https://u.today/ripple-teams-up-with-colombias-central-bank-to-create-cbdc-on-xrp-ledger" rel="noopener noreferrer nofollow">Colombia</a>, Nauru and Montenegro.

Ripple's Indian Partner Joins Digital Rupee CBDC Project

Table of Contents

U_Today

Other articles published on Sep 2, 2023

Who is Ryoshi? Latest Research Fuels New Theories on Shiba Inu’s Origin

Shibarium Surpasses 1 Million Wallets as Millions of SHIB Go Up in Flames

Benefits of IUS: The Premier Green POW Coin, Cutting Energy Usage and Carbon Footprint

Yes Bank Integration Enhances Digital Rupee with UPI

Recent Research Portrays Tether USDT’s Intriguing Depeg in August

3 Ethereum-Based Tokens That Shone in August: QUBE, LDO, UNI

Join our free newsletter for daily crypto updates!