Security News > 2024 > February > India to make its digital currency programmable

The Reserve Bank of India announced on Thursday it would make its digital currency programmable, and ensure it can be exchanged when citizens are offline.

Indian media report that governor Shaktikanta Das outlined scenarios for the programmable digital rupee, including allowing government agencies to ensure payments to citizens are only used for defined benefits.

"At the current juncture, India's potential growth is propelled by structural drivers like improving physical infrastructure; development of world class digital and payments technology; ease of doing business; enhanced labour force participation; and improved quality of fiscal spending," asserted Dayal.

Another way India is looking to build its digital economy is by allowing itself to tax more of it.

Bloomberg reported the nation will call for the end of a 1998 agreement not to tax digital goods.

India has argued that the current international agreements cause loss of tariff revenue and affect its trade competitiveness.

News URL

https://go.theregister.com/feed/www.theregister.com/2024/02/09/india_programmable_money/