Reserve Bank of India Explores Digital Rupee for Cross-Border Payments

Reserve Bank of India Explore Cross-Border Payments with Digital Rupee

The Reserve Bank of India (RBI) is discussing cross-border payments in the digital rupee with central banks from 18 countries. The RBI aims to enhance foreign trade by offering the digital rupee as a payment method to nations facing a shortage of US dollar reserves. The move is expected to make cross-border payments quicker, more seamless, and cost-effective. The RBI's focus on the digital rupee for foreign trade deals is driven by the goal of saving the country's dollar reserves and avoiding a repeat of past external sector crises.