- The Indian Digital Rupee has long had the backing of RBI Governor Shaktikanta Das.
- CBDC has the potential to be an Indian digital currency that is more regulated and reliable.
Shaktikanta Das, governor of India’s Reserve Bank (RBI), has emphasized the potential usefulness of the country’s digital rupee and restated his support for Central Bank Digital Currency (CBDC). Further, he reiterated his prior position on digital assets by praising the innovation and suggesting it may be used to circumvent certain cryptocurrency-related concerns.
The Indian Digital Rupee has long had the backing of RBI Governor Shaktikanta Das. Recent reporting indicates that he has reiterated his belief that CBDC is crucial for navigating the unpredictable environment that he attributes to cryptocurrencies.
Banking on CBDC
Furthermore, he pointed out that CBDC has the potential to be an Indian digital currency that is more regulated and reliable. It has the ability to reduce the risks and volatility of other cryptocurrencies, including Bitcoin, Ethereum, and others.
Moreover, Das has been working hard to update international money transfers, as mentioned in a recent report. He emphasized the importance of remittances for developing nations like India and pushed for faster and cheaper international money transfers.
At the same time, he detailed how CBDCs may revolutionize P2P payments across borders by making them quicker and more efficient. He also said that India is considering expanding its real-time gross settlement (RTGS) system to settle transactions in leading global currencies including the US Dollar, Euro, and British Pound. This system is operational 24×7.
Das claims that bilateral or multilateral agreements are now being considered to determine the expansion’s viability. Global transaction simplification is its primary goal. Incorporating CBDCs into such initiatives, according to the governor, would increase their usefulness and scope even further.
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