3 months ago
1 min read
India introduces offline digital rupee to connect India’s remote areas to modern finance
According to reports, the Reserve Bank of India (RBI) plans to introduce offline features for its Central Bank Digital Currency (CBDC), the digital rupee. RBI Governor Shaktikanta Das unveiled the program to encourage increased uptake in India’s underconnected areas. This declaration, made on February 8 during a review by the Monetary Policy Committee, emphasized the RBI’s dedication to enabling digital currency use even in the most isolated areas of the nation. The one million daily transactions of the digital rupee, which were first introduced in a pilot program in December 2022, have already been completed by December 2023. Offline capabilities