Reserve Bank of India expanding cross-border payments platform
According to the Atlantic Council, 134 countries are currently exploring CBDCs in different phases — including every G20 country.
The Reserve Bank of India (RBI) is seeking to expand its cross-border payments platform — which will allow instant settlement — by adding new trading partners in the Asia and Middle East regions.
According to Bloomberg, India already has an agreement with neighboring Sri Lanka, Bhutan, and Nepal, with plans to add the United Arab Emirates (UAE) to its cross-border settlement program.
India is also exploring using central bank digital currencies (CBDCs) as the primary settlement mechanism within its cross-border payment solution.
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Author: Vince Quill
