RBI governor Shaktikanta Das has announced that offline accessibility, which is currently in the works, will make the digital rupee an attractive choice for retail users. Das revealed this during a panel discussion on central bank digital currencies at a BIS summit. The wholesale use of the central bank digital currency (CBDC) for trade in commercial paper and certificates of deposit in the debt market will also be expanded, according to Das. He said that CBDCs offer the same benefits as cash, such as anonymity and finality of settlement. On the subject of anonymity, Das stated that it can be achieved through legislation or by permanently erasing transaction data. He also mentioned efforts to enable offline functionality, incorporate programmability for financial inclusion, and enhance technology scalability for wider adoption. At present, retail users prefer the Unified Payments Interface (UPI), but Das expressed optimism that offline and programmable CBDCs will change this preference in the future.
