Reserve

Bank

Shaktikanta Das, governor of the Reserve Bank of India (RBI), discloses India’s intentions to create digital money that may be accessed without reliance on the internet. 
Das stated on Monday at a Bank for International Settlements event that “working offline is one of the key features of cash. He continues, “We are working on making the CBDC transferable in the off line mode also.” 
India pioneers central bank-backed digital currency experimentation amidst global caution. With 1.3 million customers and 300,000 merchants in a pilot, CBDC usage hits 1 million daily. Yet, as per Dad, instant mobile payments remain preferred. 
Das stated, “The key objective of the pilots has been a change in consumer behaviour vis-a-vis bank deposits — we need many more transactions to understand its wider economic effects, especially on monetary policy and the banking system.” 
Speaking remotely with counterparts from Germany and Italy, namely Joachim Nagel and Fabio Panetta, on a panel moderated by BIS head of research Hyun Song Shin, Governor Shaktikanta Das emphasized that making CBDCs “non-remunerative” and “non-interest bearing” has effectively mitigated any potential risk of bank dis-intermediation. 
While CBDCs promise increased transaction efficiency, challenges such as data privacy and cybersecurity persist, hindering full-scale implementation. The RBI’s cautious approach mirrors global sentiment, with only a handful of countries, including Jamaica, the Bahamas, and Nigeria, having fully launched CBDCs to the public. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read:<a href="https://www.cryptotimes.io/2024/02/08/indias-rbi-to-introduce-offline-e-rupee-transactions/" target="_blank" rel="noreferrer noopener"> India’s RBI to Introduce Offline E-Rupee Transactions</a> 
</blockquote>

RBI Plans Offline Access for Digital Money, says Governor Das

The Crypto Times

6 May 2024 tarihli diğer yazılar

Coinbase Faces a Fresh Class-Action Lawsuit over a “Deceptive” Business Model

Comprehensive Analysis: Bitcoin (BTC), Ethereum (ETH), Wilder World (WLD), AIOZ Network (AIOZ), a...

Is XRP's Bull Run Imminent? Analyst Reveals Key Levels Amidst Legal Developments

Elon Musk Potentially Exploring Ripple’s XRP (XRP) for Payments: Unraveling the Latest Crypto Rumors

Giant Whales are on the move: The Bitcoin Whale that has been sleeping for 10 years has woken up!...

Bitcoin (BTC) Starts the Day with a Surge: 8 Altcoins Follow the Uptrend!

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!