Ajayi Kumar Ajay Kumar Choudhary, chairman of the supervisory board of the Reserve Bank of India (RBI), revealed that India's recently released structural Central Bank Digital currency (CBDC)-the data rupee-is now being tested offline.
The Bank of India and the regulator, the Bank of India, opened some demonstration sites for the wholesale price of the data rupee on November 1, 2022, allowing about 50, 000 consumers and 5000 stores to conduct real-world tests. As of Feb. 25, about $134 million and 800000 transactions have been made based on the wholesale price of CBDC.
On the premise of this progress, Choudhary indicated that the Reserve Bank of India is considering the offline download role of CBDC. In an interview with CNBC TV18, he pointed out that the Bank of India has assessed the development potential of CBDC at the level of cross-border transactions and links with other countries' legacy systems. He added:
We are eagerly looking forward to stakeholders and financial technology enterprises to participate in the CBDC. We are going to see his dedication, especially in stores and cross-border e-commerce CBDC transactions.
In addition, Choudhary means that the Reserve Bank of India shows that CBDC will quickly become a medium of exchange, requiring all the functions of physical currency, including group polarization.
India's motivation for running CBDC is to improve regional financial diversity and promote the digital economy. Choudhary also told CNBC TV18,CBDC that it would eventually become a substitute for digital currency.
On February 21st, China's payment Internet Unified payment platform (UPI) expanded its services to Malaysia.
With the integration of UPI PayNow, Chinese citizens of India and Singapore will be able to remit money across borders quickly.
At first, four key Indian banks-the Bank of India, the Bank of India, the Bank of India and the Bank of ICICI-also made it easy to remit money. Axis Bank and DBS Bank India also make it easy to remit money. DBS Bank of Malaysia and Liquid Group will provide this service to customers in the region.
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