Reserve Bank of India’s CBDC enhancements aim to boost adoption
The Reserve Bank of India is planning upgrades for its digital rupee to encourage wider adoption, including offline payments and integration with Unified Payments Interface.
The Reserve Bank of India is planning upgrades for its digital rupee to encourage wider adoption, including offline payments and integration with Unified Payments Interface.
RBI Governor Shaktikanta Das encourages Indian fintech firms to create a self-regulatory organization (SRO) for innovation and consumer protection, aiming to foster trust and reduce regulatory burdens.
YES Bank's UPI integration with RBI's CBDC app advances digital rupee adoption, offering seamless transactions, expanding reach, and setting the stage for further banking transformation.
The National Payments Corporation of India (NPCI) is hiring a Head of Blockchain with blockchain expertise to enhance payments through blockchain technology.
Reliance's Jio Financial Services to enter digital rupee space with blockchain and CBDCs ahead of India's CBDC launch.
Indians will be able to verbally instruct an AI-boosted UPI payments interface to make instant payments for them, in Hindi and English initially, according to the central bank.
The IWBDC will integrate Web3 technology and will soon allow users to digitally sign documents using a token, which would benefit not only ordinary users but disabled individuals as well.
India explores other use cases of CBDCs in an attempt to achieve a record of one million daily transactions, with RBI's Sankar saying cross-border payment functionalities would aid this ambition.
The risks enumerated by the Reserve Bank of India include currency threat of currency substitution, circumvention of capital flow controls, and interference with credit risk assessment, among others.
The Reserve Bank of India is keen on experimenting with multiple CBDC use cases outside the purview of domestic payments, according to the Economic Times.
To prevent shocking its financial system, the central bank says it will take a "calibrated approach" in launching the digital rupee, adding that it would explore more features to onboard more users.
While Indian regulators are focused on protecting retail investors, the broader payments ecosystem faces significant risks from digital currencies, according to the Reserve Bank of India.