The Reserve Bank of India (RBI) is actively exploring the potential of central bank digital currency ( CBDC) on an international scale, according to Governor Shaktikanta Das at the Global Fintech Fest. The RBI is focusing on enhancing CBDC’s interoperability with existing retail payment systems like the Unified Payment Interface (UPI) to facilitate seamless cross-border transactions. Successful experiments have already demonstrated CBDC’s capability in streamlining international remittances and transactions. The RBI is also investigating new use cases, 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, positioning it as 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, enhancing the efficiency and reach of digital payments worldwide.
India's Central Bank Governor Discusses CBDC Progress and International Strategy
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