India's central bank is doubling down on its CBDC initiatives, announcing plans to make the digital rupee more accessible to retail users via wallets and non-bank payment system operators.
It will take quite some time before India sees the "full-fledged" launch of its CBDC as the RBI insists on a cautious approach to ensure the integrity and stability of the e-rupee.
In its monetary policy statement of 2024, the Reserve Bank of India revealed that it is looking to enable additional functionalities of programmability and offline capability in CBDC retail payments.
As India warms up to blockchain with the federal government emphasizing its benefits, its Web3 industry experts expect more banks and financial institutions to utilize the technology in 2024.
Reserve Bank of India achieves a significant milestone as the digital rupee pilot surpasses 1 million daily transactions, but controversies surrounding strategies and incentives spark concerns.
India is shaping to become a major player in the blockchain space, gradually embracing the technology and exploring its endless use cases, including launching initiatives centered on CBDCs.
India is eyeing a collaboration with U.S. Federal Reserve and HKMA for cross-border CBDC functionality to enhance international remittances and accelerate digital rupee development.
After the successful pilot, the Reserve Bank of India may launch a full-scale wholesale central bank digital currency in January 2024 for possible small and medium enterprises use cases.
With cashbacks and reward points, the Reserve Bank of India and other participating banks are hoping for a higher digital currency transactions.
Under the wholesale CBDC pilot, the RBI will test the viability of atomic settlements using blockchain plus the additional functionality of smart contracts for programmability.
India's CBDC navigates UPI competition while aiming for cross-border success, considering the digital rupee's journey amidst UPI dominance and its potential in cross-border transactions.
Nokia's parent firm, HMD Global, with Airtel Payments Bank and IDEMIA, is creating offline payment options for the digital rupee, prioritizing users without internet access under RBI's CBDC scheme.
