CBDCs Make Cross-Border Payments More Efficient, India’s Central Bank Governor Says

Join Our Telegram channel to stay up to date on breaking news coverage

Central Bank Digital Currencies (CBDC) will make cross-border payments more efficient, India’s central bank governor said.

India has created an instant settlement feature that allows its CBDC to play an essential role in cheap, secure, and instant international payments, Reserve Bank of India (RBI) Governor Shaktikanta Das said at the G20 TechSprint Finale on Sept. 4.

The RBI launched a digital rupee pilot in the wholesale sector last November and followed that with a pilot in the retail industry in December.

Both have shown great promise, and RBI has expanding the pilots to more banks, cities, and people, constantly adding new Features and use cases and slowly improving the product, Das said.

A CBDC will revolutionize India’s economy.

Speaking of the benefits of CBDCs, Das noted:

Notwithstanding the progress made so far, the key challenges to existing cross-border payments continue to be high cost, low speed, limited access, and insufficient transparency.

India’s Unified Payments Interface (UPI) enables real-time payments and has been a game-changer for digital payments in the country, helping drive financial inclusion by bringing millions to the country’s financial system, he said.

“With over 10 billion transactions a month, the UPI has become the backbone of digital payments in India and has helped to catalyze a wave of innovations in the fintech sector,” Das highlighted.

India and CBDCs

CBDCs use cryptocurrency technology to offer a fast, cost-efficient, and easy way to use money. But some have criticized them over the years as they are heavily centralized, unlike “real” cryptocurrencies such as Bitcoin and Ethereum.

Over the last several years, India has had its fair share of trouble in the crypto sector. Its central bank banned cryptocurrencies in April 2018, only for the Supreme Court to revoke this ban in early 2020.

Now, the central bank is pushing its idea of switching to its CBDC, promising faster international transactions at a lower cost.

Related Articles:

  • Reserve Bank of India outlines its plans for a CBDC
  • India to Launch A CBDC, Proposes to Ban Private Cryptocurrencies
  • Indian Banks Asked To Embrace AI And Blockchain Revolution

Wall Street Memes - Next Big Crypto

Rating

Wall Street Memes
  • Early Access Presale Live Now
  • Established Community of Stocks & Crypto Traders
  • Featured on BeInCrypto, Bitcoinist, Yahoo Finance
  • Rated Best Crypto to Buy Now In Meme Coin Sector
  • Team Behind OpenSea NFT Collection - Wall St Bulls
  • Tweets Replied to by Elon Musk
Wall Street Memes
Learn More

Join Our Telegram channel to stay up to date on breaking news coverage

Comments

Post a Comment

Popular posts from this blog

VeChain Price Prediction for February 2023

Image
VeChain ( VET ) had a phenomenal start in 2023 as the cryptocurrency jumped nearly 50% in less than 30 days. VET went from $0.015 at the start of the year to a high of $0.024 in February. The coin is attracting bullish sentiments in the indices after the announcement of ‘The HiVe’ launch. The development paves way for the network to collaborate with projects and enter the Web3 sphere. The release date is scheduled on Mar. 4, 2023, and will it deliver sustainability-focused applications of Web3 technologies from other projects and protocols. The launch of the HiVe will also allow users to mint NFTs and unlock other potential benefits, the blog read. You can read more details about the HiVe launch here. Since then, the price predictions for VET have mostly been positive as the blockchain extends its use cases. Also Read: Bitcoin Could reach $1 Million By 2030: Here’s How We're excited to announce the launch of 'The HiVe', a #sustainability / #Web3 focused...
Read more

Circle CEO Jeremy Allaire Urges Politicians To Regulate Stablecoins

Circle Chief Jeremy Allaire recently released a video urging US lawmakers to focus on stablecoin regulation. Allaire emphasized the importance of digital currencies for the global economy in the future. The Circle CEO cited the growing economic threat to the US Dollar to underscore the need for stablecoin regulation. Jeremy Allaire, the Chief Executive of Circle Internet Financial, recently put out a video message urging lawmakers in the United States to take crypto regulation seriously. Allaire underscored the need for stablecoin regulation as well as rules for other digital assets, amid growing economic threats to the US Dollar. What does a cup of coffee have to do with the future of the global economic system? As the US Congress prepares for its first vote on Stablecoin laws, US political leaders have a choice to make about the US and Dollar competitiveness. A video for political leaders below. $USDC pic.twitter.com/9sQyZwq4WE — Jeremy Allaire (@je...
Read more

Arbitrum Unveils Orbit: Enabling Developers to Build Self-Managed Chains

Arbitrum announced the launch of Arbitrum Orbit, a customized chain for developers. Orbit provides developers with the capability of creating their own chains using Arbitrum’s technology. Arbitrum highlighted several advantages of building decentralized applications in Orbit, including EVM+ compatibility and reliable gas pricing. The Arbitrum Foundation has announced the launch of Arbitrum Orbit, a new product offering that allows developers to create their own self-managed Arbitrum Rollup and AnyTrust chains. After months of development, Arbitrum Orbit is mainnet-ready! 🪐 Permissionlessly build a customized chain using the most advanced scaling technology in the world. Why Orbit? pic.twitter.com/yKvVR9eKQQ — Arbitrum (,) (@arbitrum) October 26, 2023 According to Arbitrum’s statement, Arbitrum Orbit offers developers the ability to create their own dedicated chain that settles on one of Arbitrum’s layer two blockchains. Currently, Arb...
Read more