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RBI Taps global counterparts for efficient cross-border digital currency transactions

Inc42

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The Reserve Bank of India (RBI) is collaborating with the US, Hong Kong, and the Society for Worldwide Interbank Financial Telecommunications (SWIFT) to explore fast and cost-effective digital cross-border settlements using central bank digital currencies (CBDCs). The RBI's internal working group is examining technological options to establish a roadmap for direct transactions between countries. RBI Governor Shaktikanta Das has emphasized the potential of CBDCs to facilitate efficient and faster cross-border payments in an increasingly technology-driven world. The RBI has already launched pilots for its CBDC, the digital rupee, in both wholesale and retail segments.

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