Reserve

Bank

Rose

In a noteworthy development within the Indian digital assets space, RBI governor Shaktikanta Das has recently revealed that the Indian central bank is actively considering making its digital currency available offline. This announcement, which has quickly garnered substantial attention among Indian crypto market participants, underscores the Indian government’s proactive approach to regulating and supporting the yet unregulated sector.
<h2 id="rbi-governor-justifies-make-cbdc-offline">RBI Governor Justifies Make CBDC Offline</h2>
At the Bank for International Settlements (BIS) event today, May 6, emphasizing one of the fundamental aspects of physical cash, its ability to be used offline, Shaktikanta reiterated that authorities nationwide are working on making the Central Bank Digital Currency (CBDC) transfers seamless, particularly in situations where an internet connection is not available.
Regarding this, the RBI Governor further adds that <a href="https://coingape.com/glossary/central-bank-digital-currency-cbdc/" target="_blank" rel="noopener noreferrer nofollow">CBDC</a> is a much safer alternative, considering that private digital currencies are potentially more dangerous, rationalizing the abovementioned decision. Das said that India stood among global economies for pioneering experimentation with a central bank-backed digital currency, a move cautiously being observed by developed nations. This sets the stage for further developments surrounding digital assets nationwide, fueling hope among Indian crypto participants.
Also read:&nbsp;<a href="https://coingape.com/just-in-kraken-offer-services-germany-european-expansion-plan/" target="_blank" rel="noopener noreferrer nofollow">Kraken To Offer Services In Germany In European Expansion Plan</a>
<h2 id="india-s-cbdc-pilot-an-effort-to-gauge-market-statistics">India’s CBDC Pilot: An Effort to Gauge Market Statistics</h2>
Whereas, the country recently expanded the pilot program of its digital currency, boasting impressive participation of at least 1.3 million customers and 300,000 merchants. While the daily usage of the <a href="https://coingape.com/wazirx-ceo-urges-indias-cbdc-integration-on-public-blockchains-to-curb-stablecoin-risks/" target="_blank" rel="noopener noreferrer nofollow">Central Bank Digital Currency (CBDC) in India</a> has reached a notable 1 million transactions, the Reserve Bank of India Governor Das conversely stressed that instant mobile payments remain the preferred mode of transaction for the majority of the populace.
Nonetheless, the motive behind the CBDC pilots was primarily to observe changes in consumer behavior toward bank deposits and the need for increased transaction volumes to gauge broader economic impacts, particularly on monetary policy and the banking sector. Das reassured that by facilitating CBDCs as “non-remunerative” and “non-interest bearing,” any potential risks of bank dis-intermediation have been effectively nullified, speaking with Germany’s Joachim Nagel and and Italy’s Fabio Panetta at the BIS.
Also Read: <a href="https://coingape.com/grayscale-gbtc-stock-rose-5-sequel-to-first-inflow-since-launch/" target="_blank" rel="noopener noreferrer nofollow">Grayscale GBTC Stock Rose 5% Sequel To First Inflow Since Launch</a>
The post <a href="https://coingape.com/india-plans-offline-cbdc-accessibility-rbi-governor-says-citing-potential-risks/" rel="noopener noreferrer nofollow">India Plans Offline CBDC Accessibility, RBI Governor Says Citing Potential Risks</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

India Plans Offline CBDC Accessibility, RBI Governor Says Citing Potential Risks

목차

Coingape News Media

2024년 5월 6일에 게재된 다른 기사

Why Bitgert Coin Price Is About to Take Off This Week

What is XSwap (XSWAP) and How to Buy it? Understanding Gate.io’s Exclusive Airdrop and Free Distr...

PEPE Approaches Record High as Market Surges and Investors Stay Positive

Spirit Airlines Posts -$1.46 EPS in Q1, in Line with Expectations

GBM Auctions to Host Memorabilia Auction with Polkadot Creator Dr. Gavin Wood

Bitcoin Surpasses One Billion Transactions

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!