RBI is evaluating CBDC’s potential for cross-border transactions and integration with legacy systems of other nations in addition to its offline functionality.

Ajay Kumar Choudhary, executive director of the Reserve Bank of India (RBI), said that the digital rupee, India’s recently launched internal central bank digital currency (CBDC), is currently being tested for offline usability.

On November 1, 2022, the RBI—the central bank and regulatory body of India—launched the wholesale segment pilot for the virtual rupee. 50,000 users and 5,000 merchants were added for in-person testing. Around $134 million and 800,000 transactions had been completed through wholesale CBDCs as of February 25.

Choudhary said the RBI is investigating the CBDC’s offline functionality as a way to build on this development. He told CNBC TV18 that the RBI is evaluating the CBDC’s potential for international trade and integration with legacy systems in other nations. Added him:

“We are eagerly looking forward to private sector and fintechs’ participation in CBDC. We will see their contribution, especially on offline and cross-border CBDC transactions.”

In addition, Choudhary said the CBDC needed all characteristics of physical currency, including anonymity, since it would soon become the medium of exchange. Choudhary was speaking on behalf of the RBI.

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The CBDC was established by India with the goal of enhancing regional financial inclusion and promoting the digital economy. Additionally, Choudhary stated to CNBC TV18 that CBDC would eventually replace cryptocurrencies.

Singapore was added to the unified payments interface (UPI), India’s national payment network, on February 21.

UPI goes Global!

Since UPI was introduced as a payment system in India, it has revolutionised the lives of Indians, but in fact, India’s digital payment system is steadily becoming globally attractive & is being adopted by other countries.#indiafirst #IndiaSingaporeRelations pic.twitter.com/55sGh5bzbZ

— MyGovIndia (@mygovindia) February 21, 2023

The UPI PayNow integration enables quick money transfers between Singaporeans and Indians.

Four significant Indian banks will initially handle outgoing remittances: the State Bank of India, Indian Overseas Bank, Indian Bank, and ICICI Bank. Incoming remittances will be facilitated by Axis Bank and DBS Bank India. Users in the region will be able to access the service thanks to Singapore’s DBS Bank and Liquid Group.