Express

India to Test Newly Launched CBDC For Offline Functionality

Katie Lin

Summary: India is conducting offline functionality tests on its newly launched central bank digital currency (CBDC) — the digital rupee —, the executive director of the Reserve Bank of India (RBI) Ajay Kumar Choudhary said. The RBI launched the pilot for the digital rupee on Nov. 1, recruiting 50,000 users and 5,000 merchants for the test.  ...

India is conducting offline functionality tests on its newly launched central bank digital currency (CBDC) — the digital rupee, the executive director of the Reserve Bank of India (RBI) Ajay Kumar Choudhary said.

The RBI launched the pilot for the digital rupee on Nov. 1, recruiting 50,000 users and 5,000 merchants for the test. 

Choudhary said the RBI’s next step is to test the offline functionality of the CBDC, adding that the RBI wants to gauge the CBDC’s potential for cross-border transactions and linkage with legacy systems in other countries.

Choudhary said the CBDC would eventually act as a replacement for cryptocurrencies and become the medium of exchange.

Author: Katie Lin

  • Bitcoin Surges to New Highs, Momentum Points to Further Gains 1 day ago
  • Circle Intensifies Stablecoin Push with Key Exchange Partnerships 2 days ago
  • Trump's "Big and Beautiful" Bill Passes: Biden and Harris Criticize, Financial Expert O... 8 days ago
  • Silicon Valley Giants, Trump Ally Launch 'Crypto Bank' Erebor, Aiming to Fill SVB Void 9 days ago
  • From Data Rights to Digital Property: Whistleblower Brittany Kaiser on Blockchain, RWA,... 15 days ago
  • You need to login to comment.