The CBDC aims to enhance the country’s potential for foreign trade with nations that lack U.S. dollar reserves.

The Reserve Bank of India is currently in discussions with its counterparts from at least 18 other countries on the possibility of cross-border payments using its central bank digital currency (CBDC), the “digital rupee.”

The report about RBI’s ambitious foreign trade plans for India’s CBDC appeared in the Economic Times on June 27. It cites several public announcements by the RBI Governor, Shaktikanta Das.

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