India’s Central Bank Advances Digital Currency Plans, RBI Report Reveals
The Reserve Bank of India (RBI) has published its August bulletin, highlighting its active efforts in developing central bank digital currencies (CBDCs).
The report outlines the potential benefits of CBDCs, such as real-time settlement, reduced reliance on intermediaries, and increased transparency. It also addresses challenges, including macroeconomic risks like currency substitution and capital flow volatility, particularly in emerging markets. The RBI’s collaboration with the BIS Innovation Hub and ongoing pilot projects, including those linked to the Unified Payments Interface (UPI), focus on enhancing cross-border payments, financial inclusion, and system interoperability.
Clever Robot News Desk 23rd August 2024
