LIVENEW: 🇮🇳 INDIA'S CENTRAL BANK SET TO LAUNCH DIGITAL CURRENCY, OFFLINE CAPABILITIES!
- The Reserve Bank of India is about to introduce its own digital currency with offline capability.
- India plans to recreate the offline ease of physical cash in the digital realm.
PIONEERING AMID CAUTION:
- India stands at the forefront of nations embracing central bank-backed digital currencies (CBDCs), contrasting with the cautious approach of many developed economies.
- With over 1.3 million customers and 300,000 merchants already enrolled in its pilot program, facilitating an impressive 1 million daily transactions, India showcases the potential of CBDCs to revolutionize financial transactions.
- Despite the burgeoning CBDC program, instant mobile payments remain the preferred choice among the populace, as highlighted by the Central Bank Governor.
- To address concerns regarding bank disintermediation, Governor Das underscores the non-profit and non-interest-bearing nature of CBDCs. These discussions with international counterparts reveal a concerted effort to safeguard monetary policy and the stability of the banking system from potential disruptions.
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