The Reserve Bank of India is collaborating with central banks in Asia and the Middle East to expand the availability of its instant cross-border payments platform.
The Reserve Bank of India (RBI) is working to expand its cross-border payments platform, which enables instant settlement using digital currencies. The RBI’s efforts are aimed at attracting new trading partners among countries in Asia and the Middle East. This is reported by Bloomberg.
According to the publication, India reached certain agreements with Sri Lanka, Bhutan, and Nepal. Now, it’s in discussions with representatives from the United Arab Emirates.
The Reserve Bank of India considers central bank digital currencies (CBDC) as the main settlement mechanism within its solution for cross-border payments.
By late August 2024, India’s CBDC user base reached 5 million, with 16 local banks participating in the digital rupee pilot project. Earlier, in 2023, the RBI tested the interoperability of its CBDC with the UAE’s digital dirham and also partnered with 18 to use the digital rupee for international trade.
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