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India working on making central bank digital currency transferable in offline mode: Das
May-07-2024

The Reserve Bank of India (RBI) Governor Shaktikanta Das has said that India is working on making the e-rupee or central bank digital currency (CBDC) transferable in the offline mode along with introducing the programmability feature to help its financial inclusion goals.

Das further noted that since the introduction of the CBDC in late 2022, there have been concerns about the privacy aspect, with some saying that the electronic nature will leave a trail of where all the currency has been used, unlike cash which offers anonymity. He said ‘Anonymity can be addressed through legislation and/or through technology. For example, through permanent deletion of transactions.’ Further, he added that the basic principle is that CBDC can have the same degree of anonymity as cash, no more and no less. 

Besides, Das said that despite the efforts which are being undertaken by the Reserve Bank, the RBI still sees preference for UPI (unified payment interface) among retail users. However, he hopes that this will change going forward, specifying that the RBI has also enabled interoperability of CBDC with UPI.


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