The Reserve Bank of India (RBI) is working on expanding its cross-border payment platform, which allows for instant settlements using digital currencies. 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, in this context, India has already reached certain agreements with Sri Lanka, Bhutan, and Nepal, and is also negotiating with representatives of the United Arab Emirates.
It is noted that as the main mechanism for settlements within its cross-border payment solution, the Reserve Bank of India considers central bank digital currencies (CBDC).
Let us remind you that as of the end of August 2024, the number of users of the Indian CBDC reached 5 million, and 16 local banks were connected to the pilot project of the digital rupee. Earlier, in 2023, the RBI conducted compatibility tests of its CBDC with the UAE's digital dirham and also established cooperation with 18 countries in the use of the digital rupee for conducting international trade operations.
