The Reserve Bank of India (RBI) continues expanding its central bank digital currency (CBDC) pilot with new plans to promote the digital rupee for international trade payments. Less than a year after unveiling its wholesale and retail trials, the central bank has announced various projects to expand the locations and number of partners, as well as the potential use cases.
“CBDC is going to be the future of money. We are preparing ourselves for that,” said Shaktikanta Das, RBI Governor, during a recent interview with Central Banking, which was reported by the Economic Times.
“By the end of this month, we hope to reach about one million users of retail CBDC. That is for domestic payments. But cross-border payments will also become much quicker, more seamless, and very cost-effective. That is another area where a lot of attention needs to be given. We are constantly in dialogue with other central banks that have introduced or are introducing CBDCs.”
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