OFFLINE CBDC
Permanent deletion of transactions can help make e-rupee anonymous: Shaktikanta Das
It can be 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.
RBI working on off-line mode to boost retail CBDC volumes: Guv Shaktikanta Das
The Reserve Bank of India (RBI) is working to increase the acceptance of the Central Bank Digital Currency (CBDC) for retail transactions, despite the high number of transactions reaching 1 million per day. The RBI is focusing on making the digital currency transferable offline, introducing programmability features, and promoting financial inclusion. The central bank is also addressing concerns about the CBDC's potential to pose a risk to banks' business models.
Fintechs seek clarity on digital currency tieups despite RBI blessing
Blockchain-based digital currency allows programmability of money. This means, in some cases, usage can be restricted to specific merchants only. This feature has caught the attention of the government, which is considering using it for targeted subsidy disbursements and preventing unauthorised access or misuse.
CBDC transaction volumes down, P2M transactions growing: RBI
The Central Bank Digital Currency (CBDC) transaction volumes have gone down after crossing 10 lakh in late-December 2023, Reserve Bank of India Governor T Rabi Sankar said on Friday. The overall number of transactions has touched 2.2 crore since the launch of the CBDC pilot on December 1, 2022, Sankar said, adding that the number of participants in the pilot stands at 50 lakh.
RBI proposes distribution of CBDC through non banks; seeks to broaden retail access to digital currency
The Reserve Bank of India (RBI) is expanding the usage of Central Bank Digital Currency (CBDC) by allowing distribution through Non-bank Payment System Operators. CBDC pilots in Retail and Wholesale segments are ongoing with 4.3 million retail users and 4 million merchants. The RBI aims to enhance access by enabling non-bank operators to offer CBDC wallets, testing the platform's resiliency.
Exclusive: ED seeks look out notice against Byju Raveendran
The Directorate of Enforcement has asked the Bureau of Immigration to issue a look out circular against Raveendran, sources told ET. The central agency approached BOI earlier this month to issue a fresh LOC to ensure that he does not leave the country.
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Zomato’s ecommerce push; Byju’s failure to recover vendor dues
The Deepinder Goyal-led company is looking to augment the front-end offerings of Blinkit by having an in-house back-end supply chain where it would source, manage the inventory and enable distribution of brands, multiple people aware of the company’s plans told ET.
Programmable, offline CBDC to drive next fintech wave, says NPCI MD
During the monetary policy meeting on February 8, RBI governor Shaktikanta Das proposed new use cases to incorporate programmability and offline functionality in CBDCs. He said the programmability use case of CBDCs will empower entities like government agencies to ensure specific benefits through payments.
CBDC big update: Soon use RBI’s Digital Rupee for offline transactions
Soon, offline transactions can be conducted using the RBI's Digital Rupee. The Reserve Bank of India (RBI) has stated that its Central Bank Digital Currency (CBDC) can be used offline in its RBI monetary policy meeting.
RBI adds increased functionality to CBDC
The CBDC Retail (CBDC-R) pilot currently allows for Person to Person (P2P) and Person to Merchant (P2M) transactions using Digital Rupee wallets provided by selected banks. Now, the RBI plans to expand its use cases by introducing programmability, which will allow government agencies to ensure payments are made for specific benefits, while letting companies allocate funds for expenses such as business travel.
RBI MPC highlights: From Das and co's status quo to a likely alternate for OTPs
The Reserve Bank of India-led Monetary Policy Committee (MPC) has announced its decision to retain the repo rate at 6.5 per cent for the sixth time in a row. With a majority of 5:1, the MPC has chosen to stay focused on keeping the withdrawal of accommodation stance unchanged.
E-rupee push: RBI looks to tokenise government securities, customer deposits
Investors would be able to purchase government securities and other bonds using digital currency in their wallets. This would have the twin benefit of widening digital currency usage beyond the simple merchant payments at present and also help boost retail participation in the government bond market.
ETtech Exclusive: Google’s Jeff Dean interview; VCs scrutinise corp governance amid rising lapses
Happy Tuesday! In the backdrop of the buzz surrounding Generative AI, Jeff Dean, the chief scientist of Alphabet Inc’s merged AI entities (DeepMind and Google Brain) sat down with ETtech’s editor Samidha Sharma for an exclusive chat at the tech giant’s headquarters in Mountain View, California.
RBI seeks ways to make digital currency payments easy as cash
The RBI has also opened a sandbox for startups to test multiple CBDC use cases. As of now, daily transactions linger in the range of tens of thousands against the target of 1-million-plus that was expected by end-December.
Inside Appario Retail’s change of plans; Dealshare loses two cofounders
In a strategic shift, Amazon India is seeking a new joint venture partner for its leading seller, Appario Retail, to ensure its operations continue uninterrupted. This and more in today’s ETtech Morning Dispatch.
Time for central bank digital currencies to prove their worth
A few countries have introduced central bank digital currencies (CBDCs), China is trialling a prototype yuan with 200 million users, India is gearing up for a pilot and some 130 countries representing 98% of the global economy are exploring digital cash.
Is it time for central bank digital currencies to prove their worth?
A few countries have introduced central bank digital currencies (CBDCs), China is trialling a prototype yuan with 200 million users, India is gearing up for a pilot and some 130 countries representing 98% of the global economy are exploring digital cash.
RBI, banks plan new features to boost digital currency transactions, say sources
The Reserve Bank of India (RBI) is collaborating with lenders to enhance the popularity of its central bank digital currency (CBDC), the e-rupee. Features being considered include enabling digital rupee transactions offline and linking the e-rupee to India's Unified Payments Interface (UPI). The RBI has urged banks to make the e-rupee interoperable with UPI through a QR code.
Airtel Payments Bank, IDEMIA, HMD team up to enable use of digital rupee on feature phones
Airtel Payments Bank, IDEMIA, and HMD Global have partnered to introduce Central Bank Digital Currency (CBDC) on feature phones in India. The collaboration aims to develop an advanced offline payment system that will enable the use of digital rupees on feature phones, promoting financial inclusion. IDEMIA will provide an offline layer to ensure secure transactions without online validation.
India’s e-rupee is here: What to expect from the retail CBDC pilot
RBI launched the e-rupee pilot in 2022 and this marked a new milestone for the digital payments in the country.
Digital Rupee: Do you need a bank account to transact RBI e-Rupee?
The retail digital rupee is an electronic token issued by the Reserve Bank of India. It is is similar to the physical rupee that you hold in your wallet. Since the pilot started there has been a lot of interest among the users about it. ET Wealth Online answers seven common questions related to the retail digital rupee.
Digital currency to further bolster digital economy, says RBI
Chaudhary was addressing an outreach seminar on 'Central Bank Digital Currency: The India Story' organised by the Reserve Bank of India. The event was organised ahead of a two-day International Financial Architecture Working Group meeting of G20 slated to take place on January 30 and 31.
eRupee can’t be turned into cash directly, for now
According to the RBI, the eRupee pilot project has progressed quite satisfactorily in a closed-user group and the number of users is gradually rising.
Budget 2023: How to make RBI’s digital rupee a success
With the Union Budget 2023 in just a few weeks, Adelia Castelino of In solution Global shares his views on how to make the digital Rupee or CBDC a success.
Comparing apples to oranges: Indian crypto companies criticise RBI's concept note on CBDCs
Industry executives said the regulator was incorrectly associating digital fiat with private tokens
The state of CBDCs
This week the International Monetary Fund (IMF) released a report outlining six case studies of central bank digital currencies (CBDCs).
Why India's plan to launch a digital rupee needs more thought, less haste
A digital rupee will be like banknotes, but minus the ATMs. Users will be able to transfer purchasing power from their deposit accounts into their smartphone wallets in the form of online tokens, which will be a direct liability of the Reserve Bank of India — just like cash.
View: Cash is dying, but we aren’t ready to bury it
If all the money in circulation is private, controlled by e-commerce and social media platforms, authorities won’t be able to protect consumers from being exploited.
In next 2-3 years, India may have a bigger crypto ecosystem than US: Nischal Shetty
“When we talk about central bank digital currencies (CBDCs). it does not mean you do not need the other cryptos out there.”
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