NPCI says programmable CBDC already live – The Times of India
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NPCI says programmable CBDC already live
BENGALURU: At India Blockchain Week in Bengaluru on Monday, Rahul Sanskrityayan, Specialist Consultant for Blockchain at NPCI, said the Reserve Bank of India’s programmable central bank digital currency (CBDC) is already live with participating banks and is being used by the government for targeted subsidy transfers. Sanskrityayan said programmable CBDC allows funds to be restricted for specific purposes, enabling the government to ensure that money is spent as intended. He cited recent examples announced publicly, including the use of programmable CBDC for kiwi farmers in Himachal Pradesh and animal husbandry beneficiaries in Rajasthan. In these pilots, the digital currency can be used only for approved inputs, with added features such as geographic tagging. “The money is being utilised for all the right reasons,” he said, adding that programmability enables use-cases like restricting a payment to a particular merchant or location. He said offline payments, cross-border use-cases and asset tokenisation are areas where multiple government-backed projects are currently under development. Addressing Web3 developers, he said asset tokenisation would be a key area of work: “Be ready for the asset tokenization boom because we are building something where it will invite the Web3 ecosystem.” Sanskrityayan also clarified that NPCI’s blockchain stack is an in-house chain built by the organisation, drawing components from existing standards. “We have taken good parts from all the existing blockchains… It is an in-house blockchain built by NPCI, tailored for our purpose,” he said. While some elements follow Ethereum standards such as BIP-32/BIP-39 for wallet generation, the platform is not based on Hyperledger Fabric. On interoperability, he said CBDC is already compatible with UPI QR codes. Users with a CBDC app can scan existing UPI QR codes to make payments, he said. Responding to questions on privacy, Sanskrityayan said no user-level personal data or transaction metadata is stored on the blockchain. The CBDC system, he said, maintains user anonymity as promised by the government. He declined to comment on future regulation for stablecoins, noting that any updates would come from the government or RBI, “very soon.”
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BENGALURU: Haryana’s minister Anil Vij recently made headlines when his attempt to auction a VIP registration number on an online platform backfired. The bid for “CH 01-BF-0001” went up to over Rs 1.1 crore, but the bidder ended up withdrawing the amount, leading to the cancellation of the auction. The incident prompted the minister to order a detailed check on the assets and liabilities of the bidder. Vij had offered the number through the e-auction platform of the Chandigarh transport department, but the bidder retracted the offer due to personal reasons, resulting in the auction being scrapped.
- Vij said that the bidder had voluntarily agreed to withdraw the bid, and no money was exchanged. Vij added that he has asked the department to investigate the assets and liabilities of the individual who participated in the bidding.
- The reserved price for the special edition number was set at Rs 30,000, but the bidding war saw the price skyrocket to over Rs 1.1 crore.
- Officials stated that such high bids for vanity registration numbers are rare, and this incident caught them by surprise. The minister has now directed the department to examine the source of income and the financial status of the bidder.
