According to Cointelegraph, the Reserve Bank of India (RBI) is currently in dialogue with central banks of at least 18 other countries on the possibility of cross-border payments with a “digital rupee”.
According to a June 27 report by India's Economic Times, Indian central bank governor Shaktikanta Das emphasized the importance of foreign trade infrastructure to the "digital rupee" in a speech in London in June, which will reach 1 million users locally in early July.
“But cross-border payments will also become faster, more seamless and more cost-effective. This is another area that needs to be given a lot of attention. We are in constant dialogue with other central banks that have launched or are in the process of launching CBDCs,” Das said.
The report said that banks in 18 countries have opened rupee Vostro accounts since July 2022. Das explained that India hopes to provide its CBDC as a payment method for countries to import Indian goods to help those countries struggling with the supply of US dollars.