CBDC Progress and Global Initiatives: Insights from India’s Central Bank Governor
The Reserve Bank of India (RBI) is actively exploring the potential of central bank digital currency (CBDC) on a global scale, according to Governor Shaktikanta Das.
The RBI is focusing on improving CBDC’s compatibility with existing retail payment systems like the Unified Payment Interface (UPI) to enable smooth cross-border transactions. Successful experiments have already demonstrated CBDC’s ability to streamline international remittances and transactions. The RBI is also investigating new applications, such as a pilot project for a wholesale e-rupee to facilitate inter-bank trade.
This initiative aims to expand the functionality of CBDC beyond retail payments, making it a versatile tool for various financial activities. Das emphasized the importance of international cooperation in digital currencies, suggesting that future collaborations could further integrate CBDC with global financial systems, increasing the efficiency and reach of digital payments worldwide.
Clever Robot News Desk 31st August 2024
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