RBI gives more power to Digital Rupee in India with Programmability and Offline Transactions function

The Reserve Bank of India (RBI) is going to add new features to the Digital Rupee (CBDC), after which the Digital Rupee will become smarter. Also, it can be used at more places. The two new features that are going to be added to digital rupee mainly include its programming and offline use. This means that not only simple transactions can be done with digital rupee, but it can also be used in other methods of transaction. It can be used in a special way in which government schemes can also be included. Or it can also help in managing their expenses for business etc.

The second major feature being added to the digital rupee is the facility to use it offline. This means that digital rupee can be used even where the internet does not work very fast, or where there is no internet facility. This will revolutionize areas where mobile internet has not yet reached. RBI has mentioned this in its recent press release. Apart from this, work is also being done to make digital transactions more secure than before. RBI is also working in this direction so that the country can get its fair share from the sale of digital goods like apps and games etc.

Soon we may see changes in the rules related to digital rupee from RBI so that transactions of digital goods can be brought under the tax net. This will further strengthen the country in the competition in the global market. Digital currency is the currency of the future and ensuring its widespread, and correct use is very important for the future of the country. CBDC is a payment solution based on blockchain, which is controlled by the Central Bank. It works like cryptocurrency but CBDC does not have the volatility and other risks that cryptocurrencies do.

The digital rupee is likely to make the interbank market more efficient. CBDC projects are being trialled in countries like China, Ghana and France. Apart from this, Nigeria has started its own digital currency.