Bank AI

April

Revolution

Elon Musk

<div class="insidebitcoins"> 
 <div class="telegrame_cta_content"> 
  <div class="wrap"> 
   <div class="telegrame_cta_content_inr"> 
    <p>Join Our <u>Telegram </u>channel to stay up to date on breaking news coverage</p> 
   </div> 
  </div> 
 </div> 
 <p>Central Bank Digital Currencies (CBDC) will make cross-border payments more efficient, India’s central bank governor said.</p> 
 <p>India has created an instant settlement feature that allows its CBDC to play an essential role in cheap, secure, and instant international payments, Reserve Bank of India (RBI) Governor Shaktikanta Das said at the G20 TechSprint Finale on Sept. 4.</p> 
 <p></p> 
 <div class="rll-youtube-player" data-src="https://www.youtube.com/embed/_LwDgNkTi7A" data-id="_LwDgNkTi7A" data-query="feature=oembed"></div> 
 <noscript> <iframe title="Grand Finale of the G20 TechSprint 2023" width="640" height="360" src="https://www.youtube.com/embed/_LwDgNkTi7A?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </noscript> 
 <p></p> 
 <p>The RBI launched a digital rupee pilot in the wholesale sector last November and followed that with a pilot in the retail industry in December.</p> 
 <p>Both have shown great promise, and RBI has expanding the pilots to more banks, cities, and people, constantly adding new <a rel="noopener noreferrer nofollow" title="Category Features" href="https://thebittimes.com/features.html">Features</a> and use cases and slowly improving the product, Das said.</p> 
 <h2 id="a-cbdc-will-revolutionize-india-s-economy">A CBDC will revolutionize India’s economy.</h2> 
 <p>Speaking of the benefits of CBDCs, Das noted:</p> 
 <blockquote> 
  <p>Notwithstanding the progress made so far, the key challenges to existing cross-border payments continue to be high cost, low speed, limited access, and insufficient transparency.</p> 
 </blockquote> 
 <p>India’s Unified Payments Interface (UPI) enables real-time payments and has been a game-changer for digital payments in the country, helping drive financial inclusion by bringing millions to the country’s financial system, he said.</p> 
 <p>“With over 10 billion transactions a month, the UPI has become the backbone of digital payments in India and has helped to catalyze a wave of innovations in the fintech sector,” Das highlighted.</p> 
 <h2 id="india-and-cbdcs">India and CBDCs</h2> 
 <p>CBDCs use cryptocurrency technology to offer a fast, cost-efficient, and easy way to use money. But some have criticized them over the years as they are heavily centralized, unlike “real” cryptocurrencies such as Bitcoin and Ethereum.</p> 
 <p>Over the last several years, India has had its fair share of trouble in the crypto sector. Its central bank banned cryptocurrencies in April 2018, only for the Supreme Court to revoke this ban in early 2020.</p> 
 <p>Now, the central bank is pushing its idea of switching to its CBDC, promising faster international transactions at a lower cost.</p> 
 <h3 id="related-articles">Related Articles:</h3> 
 <ul> 
  <li>Reserve Bank of India outlines its plans for a CBDC</li> 
  <li>India to Launch A CBDC, Proposes to Ban Private Cryptocurrencies</li> 
  <li>Indian Banks Asked To Embrace AI And Blockchain Revolution</li> 
 </ul> 
 <div class="inContentProviderSingle inContentColor--insidebitcoins fc-row"> 
  <div class="inContentProviderSingle--wrapper"> 
   <div class="container"> 
    <div class="row mb-lg-3"> 
     <div class="col-12 col-md-8"> 
      <p class="inContentProviderSingle--title">Wall Street Memes - Next Big Crypto</p> 
     </div> 
     <div class="col-12 col-md-4"> 
      <div class="inContentProviderSingle--rating"> 
       <div class="rating--holder"> 
        <p class="rating--text">Rating</p> 
        <div class="rating--star-container"> 
         <div class="rating--star" style="width: 100%;"></div> 
        </div> 
       </div> 
      </div> 
     </div> 
    </div> 
    <div class="row">  
     <div class="col-12 col-md-12 text-center d-block d-sm-block d-md-none d-lg-none"> 
      <img class="inContentProviderSingle--img mb-3" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20125%2060'%3E%3C/svg%3E" alt="Wall Street Memes" width="125" height="60" data-lazy-src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg"> 
      <noscript> 
       <img class="inContentProviderSingle--img mb-3" src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg" alt="Wall Street Memes" width="125" height="60"> 
      </noscript> 
     </div> 
     <div class="col-12 col-md-8"> 
      <ul class="inContentProviderSingle--list"> 
       <li>Early Access Presale Live Now</li> 
       <li>Established Community of Stocks &amp; Crypto Traders</li> 
       <li>Featured on BeInCrypto, Bitcoinist, Yahoo Finance</li> 
       <li>Rated Best Crypto to Buy Now In Meme Coin Sector</li> 
       <li>Team Behind OpenSea NFT Collection - Wall St Bulls</li> 
       <li>Tweets Replied to by Elon Musk</li> 
      </ul> 
     </div>  
     <div class="col-12 col-md-4 d-none d-sm-none d-md-block d-lg-block"> 
      <img class="inContentProviderSingle--img float-right" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%20125%2060'%3E%3C/svg%3E" alt="Wall Street Memes" width="125" height="60" data-lazy-src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg"> 
      <noscript> 
       <img class="inContentProviderSingle--img float-right" src="https://thebittimes.com/image/getimage/?url=https://thebittimes.com/image/getimage/?url=https://insidebitcoins.com/wp-content/uploads/2023/05/wall-street-memes.svg" alt="Wall Street Memes" width="125" height="60"> 
      </noscript> 
     </div> 
    </div> 
    <div class="row"> 
     <div class="col-12 text-center"> 
      <div class="inContentProviderSingle--button">
        Learn More 
      </div> 
      <div class="inContentProviderSingle--disclaimerText"> 
      </div> 
     </div> 
    </div> 
   </div> 
  </div> 
 </div> 
 <div class="telegrame_cta_content"> 
  <div class="wrap"> 
   <div class="telegrame_cta_content_inr"> 
    <p>Join Our <u>Telegram </u>channel to stay up to date on breaking news coverage</p> 
   </div> 
  </div> 
 </div> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/cbdcs-make-cross-border-payments-more-efficient-india-s-central-bank-governor-says-tbt61638.html">https://thebittimes.com/cbdcs-make-cross-border-payments-more-efficient-india-s-central-bank-governor-says-tbt61638.html</a></p>

CBDCs Make Cross-Border Payments More Efficient, India’s Central Bank Governor Says

Table of Contents

TheBitTimes

Other articles published on Sep 5, 2023

MATIC Price Analysis: With A Buyer’s Barricade At $0.52, Will MATIC Bounceback?

Tether becomes one of US Treasury bills’ major holders

Visa and Solana Partner for Efficient Stablecoin Settlements

Analis Sebut September Bulan Buy The Dip Crypto

Max Keiser Names Obstacle That May Slow Bitcoin Price Down Now

Massive Bargains Await as BITMAIN Releases the Third Batch of Antminer KS3

Join our free newsletter for daily crypto updates!