Bitcoin

<ul><li>RBI plans a plug-and-play system to enhance cross-border payment efficiency globally.</li><li>Interoperability between legacy and CBDC systems is key to RBI&#39;s payment strategy.</li><li>India&#39;s consultation paper on crypto regulation is expected between September and October.</li></ul>The <a href="https://cryptotale.org/binance-faces-86m-tax-bill-from-indian-authorities-report/" rel="noopener noreferrer nofollow">Reserve Bank of India</a> (RBI) is spearheading efforts to develop a plug-and-play system for cross-border payments, aimed at enhancing interoperability across various nations. With the rapid rise of fast payment systems and growing exploration of central bank digital currencies (CBDCs), the potential for greater efficiency in cross-border transactions has expanded. During a recent conference, RBI Governor Shaktikanta Das emphasized that interoperability should be a primary design feature in these systems, as it could maximize efficiency gains.<h2 id="header-0">Addressing Interoperability Challenges</h2>Achieving interoperability among countries&#39; payment systems presents a significant challenge. Countries may be inclined to design systems tailored to their domestic priorities, potentially hindering harmonization efforts. To navigate this issue, Governor Das <a href="https://www.rbi.org.in/Scripts/BS_SpeechesView.aspx?Id&#61;1456" rel="noopener noreferrer nofollow">suggested</a> developing a plug-and-play model that would maintain the sovereignty of individual nations while enabling replicability across borders. This strategy represents India’s ongoing work to implement a system that benefits the global community while respecting national interests.<a href="https://cryptotale.org/indias-rbi-proposes-plug-and-play-system-for-cross-border-payments/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

India’s RBI Proposes Plug-and-Play System for Cross-Border Payments

Table of Contents

CryptoTale

Other articles published on Aug 28, 2024

What Is the Recently Funded Bolt Protocol?

BNB Faces Challenges in Converting Resistance to Support

Spot Bitcoin ETFs End 8-day Inflow Streak with $127M Outflows

Cardano Vasil Upgrade Debuts on Testnet

Hong Kong Launches Ensemble Sandbox to Revolutionize Tokenization!

Bitcoin Price Crash: BTC Price at Risk Of Dropping To $52K, Here’s Why

Join our free newsletter for daily crypto updates!