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 , 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.
In June, during a speech in London, Das emphasized the importance of foreign trade infrastructure for the digital rupee, which was set to reach 1 million users domestically by the beginning of July,
According to the report, banks from 18 countries have already opened rupee vostro accounts since July 2022. In his other public appearance, Das explained India’s eagerness to provide its CBDC as a payment method for importing Indian goods for countries struggling with a supply of United States dollars.
The RBI launched its wholesale digital rupee pilot project in November 2022 and its retail digital rupee pilot project in February 2023. In March, it announced an agreement with the Central Bank of the United Arab Emirates to study a CBDC bridge for trade and remittances.
