India’s e-Rupi Central Bank Digital Currency is Now Testing Offline Capability

03/04/2023 08:10 • Metaverse & Beyond • 97 views

It is reported that Ajay Kumar Choudhary, Executive Director of the Reserve Bank of India (RBI), revealed that India’s recently launched internal central bank digital currency (CBDC) e-rupi is now testing the offline function. （cointelegraph）

CBDC recently launched in India is testing offline function

Interpretation of the news:

The Reserve Bank of India (RBI) executive director, Ajay Kumar Choudhary, has recently reported that the country’s new internal central bank digital currency (CBDC), called e-Rupi, is currently being tested for its offline function. This move indicates that the country’s central bank is continuing to push for the widespread adoption of digital payments, even in remote areas where internet access can be limited.

The e-Rupi digital currency, which was launched by the Indian government in August of this year, is a prepaid voucher-based system that provides targeted payments for various social welfare schemes, such as healthcare and education. By using this technological solution, the government aims to reduce the leakages and corruption that often occur in traditional payment systems.

In addition to its online function, the e-Rupi digital currency now has an offline capability, allowing it to be used even in areas where internet access is not available. This means that even people living in rural or remote areas of the country can use this digital currency for their daily needs, including the payment of bills or other types of transactions.

The testing of the e-Rupi’s offline capability is a significant step for the Indian government in its efforts to promote the adoption of digital payments in the country. As India moves towards a cashless economy, the government and the central bank are exploring different technological solutions that can make payments more convenient, efficient, and secure for all citizens.

Overall, this move towards offline capability testing for e-Rupi reflects India’s commitment to expanding financial inclusion beyond traditional payment systems. The use of digital payments and CBDCs is viewed as a critical tool for supporting economic growth and promoting financial inclusion. By incorporating offline capabilities, India’s e-Rupi digital currency is helping to bridge the gap between rural and urban areas and promoting a more inclusive economic future for all.

In conclusion, the e-Rupi digital currency’s move to become offline capable is a positive step forward for India’s efforts to promote digital payments and financial inclusion. With this development, more people in remote or rural areas can access and benefit from India’s digital payment system, which will ultimately lead to higher economic growth and overall social development in the country.

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India’s e-Rupi Central Bank Digital Currency is Now Testing Offline Capability

CBDC recently launched in India is testing offline function

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