RBI Eyes Global Expansion of Digital Rupee for Cross-Border Payments

Das Pledges to Boost Foreign Trade with RBI's Digital Rupee

The Reserve Bank of India (RBI) is considering implementing cross-border payments with its Central Bank Digital Currency (CBDC), the "digital rupee", with 18 international counterparts. The Economic Times reports RBI Governor Shaktikanta Das's focus on enhancing foreign trade infrastructure for the CBDC and aims to attract one million users by end of June 2023. Banks from these nations have been setting up rupee vostro accounts since July 2022. Das suggests the digital rupee could aid countries struggling to obtain US dollars for purchasing Indian goods.