An executive at India’s Ministry of Finance, Sameer Shukla, said that the UPI instant payment system will impact the adoption of a digital rupee. However, where a retail central bank digital currency (retail CBDC) will shine is for cross border payments and government benefits.
“If you ask me, the progress of the CBDC, because of the all pervasive existence of UPI, it’s going to be a bit slow,” said Mr. Shukla, talking at the SIBOS banking event in Toronto.
However, he’s not pessimistic about the outlook of the CBDC, on the contrary. He’s just less convinced it can add value for instant payments.
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